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Story summary
- Lakshmi Niwas Mittal, Indian-origin billionaire with a net worth of GBP 15.4 billion, is relocating to Switzerland for tax purposes and will spend time in Dubai.
- The move follows Labour's planned tax increases, including the closure of the non-dom loophole.
- Inheritance tax, up to 40% in the UK, drives Mittal and others to seek residence abroad.
- Business Secretary Peter Kyle says tax changes prompt wealthy individuals to leave the UK.
