'Britain's richest plumber' Charlie Mullins explains why he wants to quit the country - after paying over £120m in tax
13 September 2024, 08:16 | Updated: 13 September 2024, 08:23
'Britain's richest plumber' Charlie Mullins has explained the reasons why he plans to sell his luxury London home and leave the UK to avoid Labour tax rises.
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In a piece for MailOnline, the larger-than-life character, 71, said he hoped he would see out his days from his central London penthouse.
But now that Labour are in power, he says he is ‘not prepared’ to give up £6m to the treasury in inheritance tax on his property when he dies.
He also revealed he doesn’t want Sir Keir Starmer’s “socialist government to get their hands on any more of my hard-earned money.”
He said that over the next few months he will be moving all of his assets out of the country - adding that he doesn’t even want to have a bank account in his name in the UK.
He said “entrepreneurs and investors… no longer want to live under a government that punishes self-improvement and seems to loathe aspiration and ambition.”
“I’ve nothing against paying reasonable amounts of tax,” he added. “But there is nothing reasonable about this Government’s plans to soak the rich.”
He said he plans to divide his time between Spain and Dubai - and if his son’s new handyman business We Fix takes off, he would encourage him to follow suit and leave the country too.
After Charlie announced his plans, Downing Street hit back insisting "the UK is the best place to do business and invest in."
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He has put his lavish River Thames penthouse on the market for £12million.
He insisted his family would "go mad" if they had to pay increased inheritance tax on the apartment - in the same block as a home owned by Tom Jones and other assets.
The 71-year-old, who sold his firm for £145million in 2021, said he will invest his money into property in Spain ad Dubai.
Asked if Mr Mullins' actions were "patriotic", a No10 spokeswoman said: "The PM believes that the UK is the best place to do business and invest in and the focus of the government is in insuring we are supporting businesses and providing them with the stability and longevity to do business here."
She added: "The Prime Minister has been clear that growing the economy is the central and first mission of this government.
"But at the same time it is also right you have to first fix the foundations of our economy and that is why we are being straight with the public and restoring public finances."
Mr Mullins, who is a high-profile supporter of Nigel Farage and Reform UK said he wants to have "no assets in the UK whatsoever" and intends on not paying tax next year as he leaves the country.
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.
"I'm selling my property because of the inheritance tax. It's a £12m property – if I lose £6m, I'm brown bread. Family would go mad."
It means that the 3,500sqft sub-penthouse, which has views of MI6 headquarters, Houses of Parliament, the London Eye and Westminster Cathedral has gone back on the market.
Chancellor Rachel Reeves said that her budget in the Autumn will see "difficult decisions" made, while Sir Keir Starmer warned those with the "broadest shoulders" would bear the heaviest burden.
Experts have warned that increasing taxes will lead to an exodus of millionaires, with advisors to the UK's richest households revealing last month that some are already moving to protect their assets.
Mr 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.
A self-styled plumber to the rich and famous, Mr Mullins grew up in poverty on the Rockingham Estate in London’s Elephant and Castle and left school at 15 with no qualifications.
He started Pimlico Plumbers from the basement of an estate agent in Pimlico in 1979, selling it three years ago for £145m to Neighborly, a home services outfit owned by US private equity giant KKR.
He had a 90pc stake in the business, with the rest owned by his son.
