Rich UK Families Brace For Rachel Reeves' Budget Tax Hit
TL;DR
Bloomberg reports Lakshmi Mittal and wealthy UK families relocating ahead of tax changes.
Documents Lakshmi Mittal's move to Dubai and broader pattern of wealthy families restructuring ahead of UK tax changes. Shows that the nominal trap affects not just tech founders but old-money industrial wealth—the biological principle applies across wealth types.
Key Findings from Bloomberg (2025)
- Lakshmi Mittal (£15.4B, steel magnate) moved to Dubai
- Mittal lived in UK since 1995 before relocating
- Inheritance tax concerns cited alongside CGT
- Wealthy families restructuring fortunes ahead of policy changes