Steel tycoon Lakshmi Mittal is preparing to leave the UK after three decades due to the government's crackdown on non-domiciled residents.
By Aniket Chakraborty
Mar 29, 2025
Mittal has told associates his likely departure is in response to Labour's decision to end the "non-dom" regime that allowed certain UK residents to avoid British tax on foreign income.
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The Indian businessman and his family were listed at number seven in the Sunday Times list of Britain's wealthiest people, with a fortune estimated at £14.9bn.
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Mittal owns properties across Europe, the US, Asia, and has recently been buying property in Dubai.
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He built his conglomerate from virtually nothing into the world's second-largest steel producer over almost five decades.
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Four years ago, Mittal stepped back as CEO of ArcelorMittal, becoming executive chair, with his son Aditya replacing him as CEO.
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The Mittal family owns 40 percent of ArcelorMittal, which has a market capitalization of €24bn.
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Mittal owns a mansion in Kensington Palace Gardens in London, which was the world's most expensive home when he bought it for £67mn in 2004.
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UK taxpayers who leave the country face limits on time spent in Britain - usually up to 90 days a year, working no more than 30 of those days.
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Labour chancellor Rachel Reeves confirmed the abolition of the non-dom regime in her October Budget and ended the use of offshore trusts to avoid UK inheritance tax.