Our Bureau
London
Steel magnate Lakshmi Mittal, chairman of ArcelorMittal, is reportedly planning to leave the United Kingdom after residing there for 30 years. Sources suggest Mittal’s decision is driven by disappointment over recent changes to the UK’s tax policies, leading him to no longer wish to be a UK taxpayer.
The policy changes in question refer to the UK’s non-domicile tax rules, which have become less favorable in recent years. These rules previously allowed wealthy foreign residents to shield their offshore income and assets from UK taxes. Changes to these rules are speculated to be a driving force behind Mittal’s decision to relocate.
Mittal’s departure would mark the exit of a prominent figure from the UK’s business landscape. He has been a resident in the UK for three decades and has made significant contributions to the country’s economy through his business ventures.
The move highlights concern that the UK’s evolving tax policies may be discouraging wealthy individuals and investors from residing in the country. Experts suggest that the changes to non-domicile tax rules could lead to an exodus of high-net-worth individuals, impacting UK’s tax revenue and investment climate.
The full implications of Mittal’s departure remains to be seen, but it is likely to reignite discussions about the UK’s tax competitiveness and its ability to attract and retain global business leaders.
