Mumbai, March 29 -- Steel magnate Lakshmi Mittal, a long-time UK resident, is considering leaving the country in response to the impending abolition of the so-called 'non-dom' tax regime, according to a Financial Times (FT) report.
Mittal, also known as LNM, whose family fortune is estimated at £14.9 billion (Rs.1.65 trillion), is reportedly exploring his options following the Labour government's decision to end the tax arrangement that allowed 'non-domiciled' UK residents to avoid paying taxes in the UK on their foreign income and gains.
Mittal, who moved to the UK in 1995 and built his steel empire from the ground up, has informed associates of his potential departure, FT reported citing an unnamed close friend of Mittal's. The bil...