Pimlico Plumbers founder Charlie Mullins is preparing to flee the country that made him the ‘richest plumber’ on its shores as Labour asks those with the “broadest shoulders” to bear the “heaviest burden”.
The 71-year-old, who made £145 million when he sold his firm in 2021, said he wants to have “no assets in the UK whatsoever” and intends on paying no tax next year as he flees for Spain and Dubai.
He has put his £12 million London penthouse on the market, saying his family would “go mad” if they had to pay inheritance tax because of it.
Mullins, who previously called Labour’s plans ‘a typical socialist money-grab’, has been outspoken about his plans to leave the country to avoid being hit by Labour’s tax raid.
He told The Telegraph: “I’ll have no investments here, no bank account here. It’s all in the process now. I think my last tax bill is January and that’s me done.”
Mullins, who grew up in poverty in Elephant and Castle and became one of the wealthiest men in Britain despite not having any formal qualifications, is expected to be one of many super-rich businessmen to move overseas in the coming months.
Henley & Partners, which helps wealthy investors to move overseas, estimates that Britain is on track to lose a record 9,500 millionaires this year, more than any country except China.
Its analysis found that the UK suffered a net loss of 4,200 millionaires in the first five months of this year, with a further 5,300 expected to go before January.
As Jim Pickard points out on social media, that number seems quite high until you remember there are 2,849,000 millionaires in the UK.
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