Brief by Shorts91 Newsdesk / 03:39am on 26 Nov 2025,Wednesday International
Britain's Business Secretary Peter Kyle has expressed concern over wealthy individuals, including Indian-origin billionaire Lakshmi N Mittal, leaving the UK due to Labour government's tax increases. Mittal's tax residency has shifted to Switzerland, with plans to relocate to Dubai amid growing tax burdens. Kyle acknowledged that Labour's taxation regime, particularly the closure of the non-dom tax loophole effective April 2025, is driving the exodus. Around half of wealthy UK non-dom residents have decided to leave since Chancellor Rachel Reeves scrapped the policy. The primary concern is inheritance tax, levied at 40 percent in the UK but absent in Dubai and Switzerland. Mittal, worth 15.4 billion pounds, joins other entrepreneurs like Herman Narula exiting Britain. (PC: NDTV)
