Businessman Lakshmi N Mittal, known as Britain’s “King of Steel”, is going to leave the UK soon. Mittal, who is Britain’s 8th richest person, has been living in London for the last three decades. They are among more than 650 millionaires who are deciding to leave the country because of the new super-rich tax. The super-rich tax, introduced by the government of Prime Minister Keir Starmer and Chancellor Rachel Reeves in the 2024 Budget, applies to people whose wealth exceeds about Rs 100 crore. This includes Inheritance Tax, Capital Gains Tax and Wealth Tax. Its objective is to increase investment and improve public finances. The biggest change affects income outside the UK. The rich with non-dom status will now pay up to 45% tax on their foreign income. This exemption has been abolished from April 2025. Mittal is now going to shift to Dubai, because death duty in UK is up to 40%, whereas there is no inheritance tax in Dubai and Switzerland. India-origin tech entrepreneur Herman Narula is also included in this trend.
