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Lakshmi Mittal Becomes Swiss Tax Resident, Plans Dubai Base After Leaving UK

Inheritance tax exposure following the abolition of the non‑dom regime is cited by advisers as the decisive reason for his relocation.

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Lakshmi Mittal is bidding farewell to Britain
The move comes ahead of Chancellor Rachel Reeves’ Budget on Wednesday, expected to introduce further levies on the wealthy to plug a £20 billion gap in public finances.

Overview

  • The Sunday Times reports the longtime UK resident has registered in Switzerland for tax and will spend much of his time in Dubai.
  • Advisers say income and capital gains taxes were not the driver, with UK inheritance tax on worldwide assets identified as the key issue.
  • The move comes days before Chancellor Rachel Reeves’s second budget, with further taxes on the wealthy reported to be under consideration, including a possible mansion tax.
  • Mittal, valued at about £15.4bn on The Sunday Times Rich List, owns a mansion in Emirates Hills and is acquiring plots on Dubai’s Naïa Island.
  • His departure is presented as part of a broader trend of wealthy residents relocating, with recent examples including John Fredriksen, Nik Storonsky and Herman Narula.