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The Independent UK
The Independent UK
Maroosha Muzaffar

Steel billionaire reportedly latest to leave UK ahead of proposed tax squeeze on ultra-rich

Rachel Reeves United Kingdom Lakshmi Mittal ArcelorMittal Britain The Sunday Times

Billionaire Lakshmi Mittal has reportedly shifted his tax residence to Switzerland after nearly thirty years in the UK, becoming the latest ultra-wealthy individual to head for friendlier fiscal terrain ahead of Rachel Reeves’s budget.

Mr Mittal, who is one of the most prominent figures in Britain’s business landscape and often dubbed by media as the “King of Steel”, amassed his fortune through ArcelorMittal, the Luxembourg-based industrial giant his family controls through a roughly 40 per cent stake.

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