Charlie Mullins today reveals that two of his offspring are now considering following him out of the UK.
Britain’s richest plumber is living in Marbella after leaving straight after Labour came to power, and expects his son and daughter to also relocate abroad.
The 72-year-old said his youngest daughter, Alice, and her partner, Marc, are looking at property in Dubai with a view to moving there with their four children.
He added that his eldest son, Scott, is also mulling his future in Britain.
‘Alice bought a lovely house in Kent and says she regrets that now – she thinks she made a mistake staying,’ Mr Mullins told MailOnline. ‘Scott is also considering moving abroad with his children.’
Mr Mullins – who shares four children with his first wife, Lynda and is now engaged to the singer Raquel Reno – recently flew from Marbella to Dubai, where he is due to meet Alice during her property hunt.
He is currently in the process of selling his £12million London penthouse and also wants to buy in the UAE when the sale is complete.
‘When I sell my London apartment I’ll also purchase something in Dubai,’ he said. ‘I’m meeting so many people out here who are coming up to me and saying I did the right thing moving.’
Charlie Mullins pictured in Spain with his partner, the singer Raquel Reno
Mr Mullins said his youngest daughter, Alice, and eldest son, Scott, (pictured) are considering moving abroad
Mr Mullins, who sold Pimlico Plumbers in 2021 for £172million, insisted he was delighted with his decision to leave the UK.
‘Labour are socialists so I was expecting bad things but it’s actually a lot worse than I feared,’ he said.
‘I knew capital gains and inheritance tax could go up, but I wasn’t expecting a national insurance increase too. It’s probably the worst blow to entrepreneurs that I’ve seen over my whole life in business.
‘I didn’t want to be part of the tax system any more. A lot of people think I left for tax reasons but you wouldn’t choose Spain if that was my intention, as some taxes are higher.
‘The real reason is not what they are charging but what they are doing with the money.
‘I’d be more than happy to help the NHS and pensioners but I’m not prepared to help people who don’t contribute.’
Mr Mullins, who previously revealed that he has paid more than £120million in tax to the Treasury, is currently in the process of moving his assets abroad.
He has now cut the £12million asking price for his apartment to try and secure a quick sale due to his fears Labour could introduce an ‘exit tax’ on rich people leaving Britain.
Mr Mullins has not yet cut ties with Britain entirely and is currently working with family members on a new handyman business called WeFix
He is also worried that the property could incur a bumper inheritance tax bill.
‘It was on for £12million but I’m prepared to sell it for £11million,’ Mr Mullins explained.
‘They’ve not introduced a leavers tax yet. And you never know what could happen when it comes to inheritance.’
Mr Mullins has not yet cut ties with Britain entirely and is currently working with family members including his son Scott on a new handyman business called WeFix.
But he insisted he would have never launched the venture if he knew of Labour’s plans to hike national insurance and introduce a new Employment Rights Bill – which companies fear will lead to a fall in investment, job cuts and increased industrial action.
The legislation is set to give all employees the right to request a four-day working week and protection from unfair dismissal ‘from day one’.
‘If we’d have been aware of what Labour would do – certainly in employment law – we would not have set up We Fix London – we would have gone to Dubai and set it up there,’ Mr Mullins said.
‘The employment rights stuff is just nonsense.’
A view from Mullins’ apartment looking over to the MI6 building across the river
Mr Mullins said he had advised family members involved with the business to ‘give it five years’ and consider either selling up or moving it elsewhere if the economic backdrop did not improve.
The entrepreneur is a vocal supporter of Reform UK and vowed to return to the UK if Nigel Farage’s party entered government.
‘The quality of life has gone down now Labour are in – I don’t feel like I want to contribute any more into the system until Reform get in,’ he said.
‘Britain’s Richest Plumber’ is not the first to warn of the unintended impact of the Employment Rights Bill, which Labour has touted as the biggest reform of its kind in a generation.
Among its 28 measures is a ban on ‘exploitative’ zero-hours contracts, the right to parental and bereavement leave from a worker’s first day on the job and more access to sick pay.
Industry groups including the Federation of Small Businesses have hit out at the reforms, warning they could ‘inject fear’ into firms already struggling and make owners reluctant to take on new staff.
It comes amid concerns that more rich entrepreneurs like Mr Mullins will decide to leave the UK to avoid facing punitive tax rates and the abolition of non-dom status.
Chad West, a 33-year-old tech executive who previously worked for Revolut and is now vice president at another fintech, previously told MailOnline that wealthy people were ‘simply not willing to foot the bill for reckless spending’.
Rachel Reeves’ Budget pushed Britain’s tax burden to historically high levels
‘The sheer number of tech founders and employees packing their bags for more tax-friendly destinations (Dubai, Spain, Portugal, Singapore) is worrying to say the least,’ he said.
‘As for those who decide to stay, they are simply not going to sell any shares or other assets for the next few years. They’ll hang on in hope that this will be a one-term Labour government.’
Mr Mullins, who is currently on holiday in Dubai, said he had repeatedly been approached by fellow Brits in restaurants and bars who told him how they had also taken the decision to leave.
Henley & Partners, which helps wealthy investors to move overseas, estimated that Britain was on track to lose a record 9,500 millionaires in 2024, 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 before the New Year. The most popular destinations are Dubai, Switzerland and Portugal.
David Lesperance, the founder of tax and immigration advisory Lesperance and Partners, said enquiries about leaving the country doubled when it became clear that Labour would win the election in July.
‘Ever since Rachel Reeves started talking about a ‘fiscal black hole’, my wealthy UK non-dom and domiciled clients have been looking anxiously at the exit door,’ he told MailOnline. .
‘The UK’s richest families are getting out while the getting is good. You don’t wait until the fireman confirms your house is on fire before fleeing.’
