Indian tycoon Mittal left Britain due to tax reform

Indian tycoon Lakshmi Mittal has left the UK following the introduction of new tax rules by the Labour government. This was reported on November 22 by The Times newspaper.

"The problem was not the income tax, but the inheritance tax," the article says.

According to the newspaper, Mittal, who topped the list of Britain's richest people a record eight times and whose fortune in 2008 was estimated at £27.7 billion, has become a Swiss tax resident and will spend most of his time in Dubai. The decision is related to the cancellation by Chancellor of the Exchequer Rachel Reeves of the "non-dom" status, which allowed rich people to pay taxes only on income earned in the UK.

According to the publication, many wealthy people do not understand why all their assets around the world should be subject to inheritance tax from the British Treasury. There is no inheritance tax in Dubai, and in Switzerland, heirs usually do not pay tax on the property they receive.

Not a foot in England: corporations are leaving Britain en masse

The British capital is losing its status as the key financial center of the world

On August 19, Bloomberg, citing a survey by the consulting company Arton Capital, reported that about 60% of British millionaires expressed their willingness to leave the country in the event of a new wealth tax. According to an Arton study, the United States topped the ranking of the countries most attractive for moving among wealthy Britons, followed by Canada, Australia and the United Arab Emirates, indicating a desire for low-tax and English-speaking countries.

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