Meet Indian billionaire who owns over Rs 1400 crore house in London, has Rs 145140 crore net worth, now planning to leave UK after 30 years due to...

Lakshmi Mittal, one of the richest Indians in the UK, may leave Britain after nearly three decades. According to a report by the Financial Times, Mittal is considering relocating due to the Labour government's plan to end the ‘non-dom’ tax regime.

The non-domiciled (non-dom) tax regime has existed in Britain for 226 years. It allows UK residents with permanent homes in other countries to avoid paying British taxes on their foreign income. In March 2024, then Conservative Chancellor Jeremy Hunt announced plans to end this policy.

A close friend of Mittal told the Financial Times that he is evaluating his options and will likely make a decision by the end of the year. If he leaves, he will join other wealthy business people who have moved due to changes in tax laws. However, it is not yet known which country he might relocate to.

Mittal, the owner of ArcelorMittal, the world’s second-largest steel producer, has been a resident of the UK for almost 30 years. 

In addition to his UK residence, Mittal owns properties in different parts of the world, including a mansion on Kensington Palace Gardens in London and a luxury chalet in St. Moritz, Switzerland.

Mittal’s possible departure highlights the impact of the UK government’s tax changes on wealthy individuals. As he weighs his options, it remains to be seen whether he will continue as a UK taxpayer or move to a different country.