Lakshmi Mittal set to leave UK over non-dom tax changes

Steel magnate Lakshmi Mittal is reportedly preparing to leave the UK later this year in response to changes affecting non-domiciled residents.

According to The Financial Times, Mittal’s departure is directly linked to the Labour government’s decision to abolish the “non-dom” tax regime, which previously allowed certain UK residents to avoid paying British tax on foreign income and gains.

Mittal, who has resided in the UK for over three decades, is currently ranked seventh on The Sunday Times Rich List, with an estimated fortune of £14.9 billion.