Mittal Family Leaving UK? What’s Happening?
But for a change, it is established that this wealthy and influential family could be leaving UK very soon.;
It is already known that the Mittal family holds a significant amount of steel investment in the United Kingdom despite the fact that they’re based out of India. But for a change, it is established that this wealthy and influential family could be leaving UK very soon.
Lakshmi N Mittal, the Indian born steel magnate and head of Arcelor Mittal, has decided to leave the United Kingdom after many years of residence. His exit comes at a time when the Labour government is preparing stricter tax rules for wealthy individuals.
Reports suggest that the biggest concern for Mittal is the inheritance tax system. Since the government removed the long standing non dom status, global assets of rich residents are now expected to come under the United Kingdom tax net. For someone with very large international holdings, this creates significant long term financial pressure.
Mittal has now become a tax resident of Switzerland and plans to spend more time in Dubai, where he already has property and strong business interests. Both Switzerland and Dubai offer simpler tax structures and do not impose inheritance tax on worldwide assets, making them more attractive for high net worth individuals.
His decision reflects a wider trend of wealthy entrepreneurs exploring friendlier tax environments as the United Kingdom introduces new financial rules. With a net worth of more than fifteen billion pounds and a major role in the global steel industry, Mittal’s move is seen as a major development and a sign of the changing economic climate in Britain.