Lakshmi Mittal is believed to have left UK over higher taxes, a report claimed. Now in Switzerland; Dubai nextIndian-origin steel industry tycoon Lakshmi Mittal has left the UK and now lives in Switzerland, the Sunday Times reported, blaming the inheritance tax of the Labor government for a mass exodus of the richest. Chancellor Rachel Reeves who is expected to impose another tax rise in her upcoming budget, axed the non-dom status in April. “The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury.

Source: The Times November 23, 2025 19:26 UTC