Sunil Mittal’s son, Shravin Bharti Mittal, has relocated from the UK to the United Arab Emirates in light of increasing taxes imposed on affluent individuals in Britain.
Currently, Shravin, who is a significant shareholder in the UK telecommunications firm BT Group Plc, lists the UAE as his primary residence after previously residing in the UK, as reported by Bloomberg News citing official registry documents. BT Group holds a 24.5% stake in one of the UK’s telecom networks.
Recently, he established an Abu Dhabi branch for his investment firm, Unbound, which was originally founded in London, according to additional registry filings.
Other Notable Relocations from the UK
In addition to Mittal, Egypt’s wealthiest individual, Nassef Sawiris, has also moved to Abu Dhabi, along with members of the Lazari family from Italy, who own numerous properties in London but have now settled in Cyprus.
UK’s Tax Environment
This trend highlights how some of the wealthiest individuals are leaving the UK following recent tax reforms affecting wealthy residents without UK domicile status. These changes challenge the UK government’s attempt to attract top global talent, aligned with the Labour government’s initiatives to enhance immigration policies.
In March 2024, the Conservative government halted the special tax treatment for wealthy non-domiciled residents, which had allowed them to avoid UK taxes on foreign income for nearly 15 years. This policy was replaced with a more limited version. However, after the Labour Party’s victory in July, Chancellor Rachel Reeves removed inheritance tax exemptions on foreign assets held by non-domiciled individuals, prompting many to exit Britain.
According to a study by the Centre for Economics and Business Research, these tax changes could have a notable effect on the UK’s government revenue if a significant portion of its nearly 74,000 non-domiciled residents decide to relocate.
Profile of Shravin Mittal
Shravin Mittal started his professional journey in London over a decade ago. He earned a degree in accounting and finance from the University of Bath and previously worked as an investment banking analyst at JPMorgan Chase & Co., as indicated on his LinkedIn profile.
After that, Mittal held a position at a private equity firm in London before becoming the managing director of the investment arm of Bharti Enterprises, the company founded by his father in New Delhi. This firm operates in various sectors, including finance, real estate, and hospitality.