Brief by Shorts91 Newsdesk / 04:11am on 24 Nov 2025,Monday India Global
Indian-origin steel magnate Lakshmi Mittal, UK's eighth richest person worth £15.4 billion, is leaving Britain for Dubai amid feared tax increases on the super-rich. The ArcelorMittal founder, already a Swiss tax resident, has purchased property on Dubai's Naïa Island. His exit precedes Chancellor Rachel Reeves' Wednesday budget addressing a £20 billion fiscal deficit. Advisers cite inheritance tax concerns, with UK levying 40% death duties on worldwide assets versus zero in Dubai and Switzerland. Mittal joins other wealthy entrepreneurs like Herman Narula fleeing Britain. Despite scrapping proposed 20% exit taxes, Treasury's policy flip-flops have undermined investor confidence, with billionaires departing to avoid potential capital gains and inheritance tax liabilities. (PC: The Hindu)
