One of the wealthiest indians in the UK, lakshmi Mittal, has lived there for thirty years. The Financial Times said that Mittal might depart britain over thirty years later.
According to the newspaper, he made this choice following the Labour government's proposal to do away with the "non-dom" tax system. Mittal might join some of the wealthiest businesspeople who have moved to other locations as a result of the new tax laws if he actually does this.
According to the source, Mittal has informed his close pals that the government's decision to eliminate tax allowances on specific overseas income and gains is the main reason he is leaving the UK.
"He is weighing his options and will probably make a decision by the end of the year," a close friend of Mittal told the Financial Times. Likely, he will no longer be a taxpayer in the United Kingdom. However, no rumor has yet revealed the precise name of the nation where he would move.
Lakshmi Mittal Residency In the UK
For almost thirty years, lakshmi Mittal has resided in the United Kingdom. His wealth of $14.9 billion placed him eighth on the sunday Times Rich List last year. In addition to his home in the UK, Mittal has properties throughout Europe, the US, and Asia, including a lavish chalet in the swiss resort town of St. Moritz and a palace on Kensington Palace Gardens in London.
What Is Non-Dom Tax Regime?
Britain has had the non-domiciled (non-dom) tax system for 226 years. It enables british citizens who have permanent residences abroad to evade paying british taxes on their overseas earnings. But then-Tory Chancellor Jeremy Hunt declared in march 2024 that the scheme would be discontinued.
ArcelorMittal, the world's second-largest steel producer, is owned by lakshmi Mittal, one of the wealthiest businesspeople in the world.
According to the newspaper, he made this choice following the Labour government's proposal to do away with the "non-dom" tax system. Mittal might join some of the wealthiest businesspeople who have moved to other locations as a result of the new tax laws if he actually does this.
According to the source, Mittal has informed his close pals that the government's decision to eliminate tax allowances on specific overseas income and gains is the main reason he is leaving the UK.
"He is weighing his options and will probably make a decision by the end of the year," a close friend of Mittal told the Financial Times. Likely, he will no longer be a taxpayer in the United Kingdom. However, no rumor has yet revealed the precise name of the nation where he would move.
Lakshmi Mittal Residency In the UK
For almost thirty years, lakshmi Mittal has resided in the United Kingdom. His wealth of $14.9 billion placed him eighth on the sunday Times Rich List last year. In addition to his home in the UK, Mittal has properties throughout Europe, the US, and Asia, including a lavish chalet in the swiss resort town of St. Moritz and a palace on Kensington Palace Gardens in London.
What Is Non-Dom Tax Regime?
Britain has had the non-domiciled (non-dom) tax system for 226 years. It enables british citizens who have permanent residences abroad to evade paying british taxes on their overseas earnings. But then-Tory Chancellor Jeremy Hunt declared in march 2024 that the scheme would be discontinued.
ArcelorMittal, the world's second-largest steel producer, is owned by lakshmi Mittal, one of the wealthiest businesspeople in the world.
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