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millionaire Lakshmi Mittal has reportedly shifted his residence Switzerland Becomes latest super-wealthy person to move to friendly fiscal zone, after almost thirty years in UK Rachel ReevesBudget of.
Mr. Mittal, one of the most prominent personalities BritainBusiness landscape and often dubbed the “King of Steel” by the media, he amassed his fortune through the Luxembourg-based industrial giant ArcelorMittal, which is controlled by his family through a stake of about 40 percent.
After taking over his family’s operations in the early twenties, he transformed a modest steel business into a giant multinational through an aggressive series of acquisitions that established him as one of the most influential figures in the sector.
ArcelorMittal today employs more than 125,000 people in more than 60 countries, including the UK, where it makes specialty steel products ranging from chain-link fencing to high-strength wires.
“It was not a tax on income [or capital gains] That was the issue,” an adviser familiar with Mittal’s move was quoted as saying The Sunday Times“The issue was inheritance tax, Many wealthy people overseas are unable to understand why all their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury, People in this situation feel they have no choice but to leave and are either unhappy or angry at doing so,”
Reportedly his decision to step down Britain This is a politically sensitive moment LaborMS Reeves is preparing to outline a budget that could include a series of tax increases The aim, she says, is to plug fiscal holes and revive the faltering economy.
74-year-old billionaire worth more than £15bn Sunday Times Rich ListExpect to spend most of my time in DubaiWhere he owns a mansion and has now purchased “plots of an interesting development on the nearby island of Nea”, the newspaper claimed.
Ms. Reeves’s Overhaul non-domiciled tax The regime – once a major draw for internationally mobile money – has already irked high earners, and earlier this year there were rumors that it was exploring a 20 percent “exit tax,” sparking concerns over an investor exodus before the idea was shelved, according to Wire.
It follows a series of high-profile moves abroad, including Revolut founder Nik Storonsky and Herman Narula, The £2.5bn tech chief executive.
The Chancellor is expected to unveil another round of tax rises for high earners on Wednesday as she looks to plug a £20bn gap in the public finances. His budget last October emboldened already wealthy families, raising capital gains taxes and reducing the relief entrepreneurs get when selling their businesses.
He also tightened the rules governing how family-run firms are passed down the generations.
Critics argue that, overall, these measures amount to an attack on the foundation of wealth creation. BritainSpeculation about what will happen next – including talk of a possible 20 per cent levy on those relocating abroad – has heightened the tense atmosphere in the days ahead of the Budget,
Meanwhile, steel magnates have planted deep roots in London since 1995, snapping up some of the capital’s most prestigious addresses. His portfolio includes a collection of mansions on the exclusive Kensington Palace Gardens – the famous “Billionaires’ Row” – among them the 55,000-square-foot mansion known as Taj Mittal, purchased in 2004 for £57m. The house, which is made of marble quarried from the same mine as the Taj Mahal, has Turkish baths, a ballroom, a bejeweled swimming pool and space for 20 cars. According to reports, he has no intention of selling the property.
Earlier this year, he further expanded his real estate footprint by purchasing a Baroque-style villa for $200 million. DubaiLaunch of purchasing parcels at Emirates Hills and Naya Island, a luxury development that is taking shape united arab emirates coast.
Mr. Mittal has been a major donor Labor under Tony Blair and Gordon Brown and had previously contributed more than £5 million to the party.
The Sunday Times For the first time in March, news came that he was preparing to leave Britain Labor Moves were taken to end the non-dom system, which allowed overseas domiciled residents to shield overseas income and capital gains from UK tax.
Independent ArcelorMittal has been contacted for comment.