Overview
- Confirmation of the move comes just days before Chancellor Rachel Reeves presents her second Budget, with further measures for the wealthiest widely anticipated.
- UK inheritance tax can reach 40% on worldwide assets, whereas Dubai imposes no inheritance tax and Switzerland generally exempts heirs.
- Mittal, valued at about £15.4 billion on the 2025 Sunday Times Rich List, has long UK ties including three homes on Kensington Palace Gardens and donations exceeding £5 million to Labour.
- He already owns a mansion in Dubai and has bought plots on the nearby Naïa Island, signaling a plan to spend substantial time in the UAE.
- The departure aligns with a broader shift of wealthy individuals to Switzerland and the Gulf, with speculation over an exit tax, along with reports of a potential mansion tax, intensifying uncertainty.