Steel Tycoon Laxmi Mittal Likely To Leave UK Due To Tax Reforms: Report

Steel tycoon Lakshmi Mittal may soon leave the United Kingdom, in a decision that comes after the Labour government-led tax reform that scraps the non-domiciled regime which allowed certain British residents to avoid paying British tax on foreign income and gains, as per a Financial Times report.

"He is exploring his options and will take a final decision over the course of this year," a friend of Mittal told the publication. "There is a good chance he will cease to be a UK tax resident."

Mittal, who moved with his family to the UK in 1995 and owns 40 per cent of ArcelorMittal, built the conglomerate from scratch over 50 years. He and his family stood seventh on the Sunday Times list of Britain's wealthiest people last year, with a fortune estimated at 14.9 billionn pounds.

Four years ago, he stepped back as chief executive of ArcelorMittal, making way for his son Aditya Mittal to take the position.

Mittal owns several properties in the UK, including a mansion in Kensington Palace Gardens in London, Europe, US and Asia. He owns a vast chalet in Switzerland's St Moritz.

Mittal follows a line of UK businessmen who are relocation to tax-friendly business destinations like the United Arab Emirates, Italy and Switzerland.