Steel tycoon Lakshmi Mittal plans to leave UK after non-dom tax change
https://www.ft.com/content/7fafdfe5-f25a-4cb9-a326-03aa54358fe8
Posted by LoquaciousLord1066
Steel tycoon Lakshmi Mittal plans to leave UK after non-dom tax change
https://www.ft.com/content/7fafdfe5-f25a-4cb9-a326-03aa54358fe8
Posted by LoquaciousLord1066
39 Comments
“Steel tycoon Lakshmi Mittal is preparing to leave the UK in response to a government crackdown on non-domiciled residents, making him one of the wealthiest entrepreneurs to move because of the tax reform.
The Indian businessman — who has lived in the UK for three decades — has told associates that his likely departure is in response to the Labour government’s decision to end the “non-dom” regime, which allowed certain UK residents to avoid paying British tax on foreign income and gains.
“He is exploring his options and will take a final decision over the course of this year,” said a friend of Mittal. “There is a good chance he will cease to be a UK tax resident.”
Mittal and his family were listed at number seven in the Sunday Times list of Britain’s wealthiest people last year, with a fortune estimated at £14.9bn.
He owns a vast chalet in the Swiss ski resort of St Moritz, as well as properties elsewhere in Europe, the US and Asia. He has also been buying up property in Dubai, according to people familiar with the situation.
A spokesperson for Mittal declined to comment. “
Anyone want to take a guess at how much the UK gains/losses from someone by like this leaving?
“Lived” in the UK is a stretch if he is non-dom, as is paying tax on anything.
Wasn’t paying tax anyway so there’s no loss, next billionaire please exit quietly.
No!!!!! He was my best friend!!!!!!! I’ll miss Steel tycoon Lamshmi Mittal!!!!! He was like a son to me!!!!!
Well if he wasn’t paying tax anyway I’m not sure why we should give a shit
So what? If he’s not paying tax what is he contributing?
Sounds like Monaco housing prices are about to go up another few percent
Good. The body becomes healthier if it rids itself of parasites.
Oh no, who is going to live in his massive house with a marble swimming pool in Kensington Palace Gardens?
Hang on a second, I need to go find the tiny violin
How dare a steel tycoon be taxed in the same way as everyone else! 🙄
How dare they close an 18th century loophole that mainly benefitted the wealthy! 🙄
Oh no, he’ll stop paying £0 in taxes in the UK, to start paying 0$ somewhere else 😞
Oh dear, what a shame, nevermind. I will not lose any sleep that a foreign billionaire parasite is leaving because he’s being made to pay his way. Off you trot.
Good.. hardly pays any tax.. doesn’t contribute to uk society at all, with his vast wealth..
All his money will be in US stocks and outside the UK anyway, good riddance
Any wealthy person leaving in such a manor should be taxed heavy before leaving the country. “leaving for tax purposed” sorry we now have to tax you a minimum of 10years worth of tax. You’ve had the benefits so time to pay up fuck face!
Bye bye. These people can leave. I mean, how rich do you have to be?
For all the “he didn’t pay any tax anyway” people – please can you set out your understanding of what “non-dom” means?
The UK seems to be stuck in this weird doom loop of actively wishing for detrimental things to happen to the country because our citizens are too thick to understand how things work, too lazy to rectify this and don’t regard this as any impediment to loudly expressing an opinion.
Good! Don’t let the door hit you on the way out, ya rich bastard!
He will still have assets in the UK generating income… Tax those
If he was abusing non-dom to not pay tax here, then he can rightly fuck off and stop being a leech.
Omg guys quick give him all the money he obvs needs more
“Steel tycoon Lakshmi Mittal doesn’t want to contribute to a society he lives in”
There you go. Fixed that for you.
Articles like this are a great example of how our media is owned by the wealthy and operates in their best interest.
Here we have an entire article devoted to platforming a ‘friend’ of a billionaire whining about how the billionaire is saying they might leave because, after 30 years living in the UK, they’re being asked to pay taxes as though they… Live in the UK.
There isn’t even a quote from the billionaire or anybody willing to be named as associated with them confirming this. It’s an anonymous ‘friend’ speaking to the press. Yet some how the FT, a typically respectable outlet, saw fit to run an entire article about it.
We are in a catch 22 because we have let rich people get away with so much and have their wealth grow to such an extent they basically hold all the cards.
Wealth taxes don’t work because they just leave but at the same time, they often don’t pay a fair share. I don’t know how we are supposed to fix this now because individuals got away with it so long, now they can just pick and choose where they pay taxes and live etc easily.
Should be a pretty Penny when he sells his property ? Or is only moving out for some of the time ?
Yeah, well after decades of mismanagement the ones stuck with the bill for UK’s redevelopment will be the poor schmos from the local pub.
Excellent. If we think unemployed people are unnecessary load on services then so are tax dodgers.
Oh no! Someone sponging off the UK state is leaving, such a shame.
A billionaire bitches about having to pay tax. What a surprise.
If he left because he now has to pay tax and before he didn’t, then him leaving is a net zero loss
Bye Lakshmi, thanks for all the tax – oh, no, wait….
Good. Close all the fucking loopholes, and make these billionaires and massive corporations shoulder their burden of taxes.
Don’t let them blackmail the government into not paying their way by holding the economy hostage. If you want to do business here then you play by our rules, or you can piss off 👍🏻
Yes, you bring money into the UK and you create jobs.. but to what end? That’s it – so you can personally make money. If you’re making money then there are costs of doing business (such as taxes) to consider. You can’t have your cake and it, too.
Parasites.
Goodbye then. We only want people that love the uk and want to enrich the wellbeing of its citizens
“Plans to leave”
So he’s not left yet. What a non-story, bloody ridiculous. It’s nothing but hot air.
In other news, man in Hull considers getting an overdraft and woman in scarborough thinks about getting the bus tomorrow.
See ya!
If you want to enjoy the life in the UK, pay your share of taxes.
Oh well another Tax evader is leaving. Ho hum, he used every available loophole and exploited it to the enth degree and one of his key loopholes is closing. I suppose I’ll buy his Kensington palace gardens home with rupees. I had better go to B&Q and get 3527 wheel barrows for the cash
Can he let us know when he’s leaving and where so we can wave him off?