Charlie Mullins: Britain’s Richest Plumber Puts His £12m Penthouse Up For Sale As He Flees Britain to Avoid Labour Tax Raid

Charlie Mullins, a proud working class Londoner widely recognised as Britain’s wealthiest plumber and founder of Pimlico Plumbers, has made headlines by putting his luxurious £12 million London penthouse up for sale.

The decision comes as he plans to leave the UK in response to what he perceives as looming tax hikes under the Labour Party’s potential government.

At 71 years old, Mullins, who sold his plumbing empire for £145 million in 2021, has expressed his intention to divest entirely from British assets and relocate his wealth to countries like Spain and Dubai, where tax policies are more favorable.

The penthouse in question, a stunning 3,500-square-foot residence with panoramic views of iconic London landmarks such as MI6 headquarters, the Houses of Parliament, the London Eye, and Westminster Cathedral, had been Mullins’ home since 2021.

He was initially drawn to the property by its breathtaking views over the River Thames. However, with Labour’s proposed tax reforms on the horizon, Mullins has decided that the time has come to move his wealth abroad.

He is particularly concerned about potential increases in inheritance taxes under Chancellor Rachel Reeves, which could significantly reduce the value of his estate for his family.

Mullins has been vocal about his disdain for Labour’s tax plans, labelling them as a “typical socialist money-grab.”

Within days of the General Election, Prime Minister Keir Starmer delivered a stark speech in Downing Street’s rose garden, cautioning the nation about the difficult choices ahead.

Standing in front of a lectern branded with the phrase “Fixing the Foundations,” he emphasised the need for the country to endure “short-term pain” for the sake of “long-term good.”

The Labour Prime Minister acknowledged the tough economic conditions and warned that the upcoming autumn budget, to be presented by the new Chancellor, Rachel Reeves, would be “painful.”

He suggested that the measures outlined in the budget will require significant sacrifices, particularly from the wealthier segments of society, stating, “those with the broadest shoulders should bear the heavier burden.”

This announcement came despite earlier pledges to avoid raising taxes, signaling a shift in approach as the government grapples with ongoing economic challenges. The Prime Minister’s speech painted a sober picture of the nation’s financial future, preparing the public for what he described as necessary, albeit difficult, steps to stabilize the economy.

He has expressed his fears that rising taxes will erode the wealth he has accumulated over decades of hard work. His strong opposition to these policies has driven his decision to leave the UK entirely, stating that he aims to have “no assets in the UK whatsoever” and that he expects to pay his final British tax bill in January 2024.

After that, he intends to sever all financial ties with the country, including closing his UK bank accounts.

The businessman’s fears align with a growing trend among the UK’s wealthiest residents, many of whom are seeking to protect their fortunes from potential tax increases.

Financial advisors to high-net-worth individuals have warned that an exodus of millionaires could be imminent if Labour proceeds with its proposed tax reforms. Some have already started taking steps to shield their assets, with reports indicating a sharp rise in inquiries from affluent individuals about relocating abroad.

Henley & Partners, a firm that specializes in assisting wealthy individuals with international relocation, has reported that the UK is on track to lose a record 9,500 millionaires in 2024, a figure second only to China.

The firm’s analysis shows that in the first five months of the year alone, the UK experienced a net loss of 4,200 millionaires, with another 5,300 expected to leave before the year ends. The most popular destinations for these departing millionaires include Dubai, Switzerland, and Portugal, all of which offer more favorable tax environments.

Mullins’ decision to sell his London penthouse is a direct response to these concerns, as he fears that inheritance taxes could eat into the value of his estate.

He candidly stated that losing half the value of his £12 million property to taxes would be a devastating blow. “If I lose £6 million, I’m brown bread,” he remarked, emphasising the financial impact such a tax would have on his family.

His decision to move his investments and assets abroad underscores the growing apprehension among Britain’s wealthiest individuals about the potential financial consequences of Labour’s proposed tax policies.

In addition to his concerns about inheritance tax, Mullins has expressed frustration with the broader economic policies that he believes will follow a Labour victory in the next general election.

As a supporter of the Reform UK party, he has been critical of Sir Keir Starmer’s Labour Party, stating that had he known Labour would win, he might not have invested in the UK in the first place. He also indicated that if Labour’s tax policies prove too burdensome, he may ultimately relocate to Dubai, a tax-friendly haven for many wealthy expatriates.

Mullins’ journey from growing up in poverty in London’s Elephant and Castle to becoming one of the richest men in the UK is often cited as an inspirational success story.

He built Pimlico Plumbers from the ground up without any formal qualifications, turning it into a household name in the plumbing industry. However, his decision to leave the UK marks a turning point in his personal and professional life, as he seeks to safeguard his wealth from what he perceives as punitive taxation.

His move reflects a broader trend among the UK’s elite, who are increasingly looking to move their wealth offshore in anticipation of higher taxes.

Relocation companies, which cater to the wealthy, have reported a surge in demand for their services, with one firm noting a 69 percent increase in inquiries in August 2024 compared to the previous year.

As Labour’s proposed tax reforms continue to generate debate, the exodus of millionaires like Charlie Mullins may become a significant blow the UK economy in the coming years.