Lakshmi Mittal Plans UK Exit Following Non-Dom Tax Crackdown

The steel magnate's departure highlights growing concerns over the economic impact of Labour's tax reforms targeting wealthy individuals.

Lakshmi Mittal, one of the UK's wealthiest individuals, is reportedly preparing to leave the country due to the abolition of the non-domiciled tax regime and stricter inheritance tax rules.
Mittal's potential departure underscores a broader trend of high-net-worth individuals exiting the UK, with analysts warning of significant economic consequences.
The Labour government expanded the non-dom tax reforms introduced by the previous Conservative administration, aiming to increase tax revenue but facing criticism for potential economic harm.
Countries like Switzerland, Italy, and the UAE are attracting wealthy individuals with more favorable tax regimes, raising concerns about the UK's global competitiveness.
Mittal, a former major donor to both Labour and Conservative parties, owns significant UK assets, including a mansion on Kensington Palace Gardens, which may be sold if he leaves.