Brief by Shorts91 Newsdesk / 04:37am on 25 Nov 2025,Tuesday India Global
Indian-origin steel magnate Lakshmi Mittal has relocated from the UK to Switzerland and Dubai ahead of anticipated tax reforms by the Labour government. The 75-year-old ArcelorMittal founder, worth £15.4 billion and ranked Britain's eighth richest person, now owns property in Dubai, including developments on Naïa Island. The primary concern was inheritance tax rather than income or capital gains tax. While the UK levies inheritance tax up to 40 percent on worldwide assets, Dubai and Switzerland impose no inheritance tax. Mittal's departure follows similar moves by other wealthy entrepreneurs including Herman Narula and Nik Storonsky as Chancellor Rachel Reeves prepares a budget addressing a £20 billion fiscal deficit. (PC: The Hindu)
