Charlie Mullins, the founder of Pimlico Plumbers and Britain’s richest plumber, is selling his £12 million London penthouse.

The move comes as he prepares to leave the UK, anticipating a possible tax increase under a Labour government.

Mullins, who made £145 million from selling his company in 2021, is keen to ensure he has ‘no assets in the UK whatsoever’ and plans to avoid paying UK taxes next year.

A Love Affair with a Penthouse

Mullins had only just moved into this luxurious property, drawn by its stunning views over the River Thames.

The penthouse, which also offers a glimpse of MI6 headquarters and the Houses of Parliament, had been a passion project for Mullins.

He decorated it with an eclectic collection including giant Chinese vases and memorabilia from stars like Muhammad Ali and Michael Jackson.

Despite his affection for the property, he now wants to sell it to avoid the hefty inheritance tax that could affect his family.

Concerns About Future Tax Policies

Mullins is worried that the new Chancellor, Rachel Reeves, might increase death taxes.

Instead of keeping his assets in the UK, he’s investing in property abroad, specifically in Spain and Dubai.

Reeves has indicated that her upcoming budget will involve ‘difficult decisions,’ and Labour leader Sir Keir Starmer has warned that those with the most resources will face the heaviest tax burdens.

This has led experts to predict an exodus of millionaires from the UK.

A New Venture and a Potential Move

With the non-compete clause from his previous business deal expiring soon, Mullins is launching a new company, WeFix, described as ‘the Harrods of the handyman world.’

However, he’s also considering relocating entirely if Labour’s policies become too taxing.

Mullins, who rose from poverty in Elephant and Castle to become one of the UK’s wealthiest individuals, might end up moving his business interests out of the country.

Impact on the UK Economy

Henley & Partners, a firm that assists wealthy investors with relocating, predicts that Britain will lose a record 9,500 millionaires this year, second only to China.

The UK has already experienced a net loss of 4,200 millionaires in the first part of the year, with more expected to leave.

Popular destinations for these individuals include Dubai, Switzerland, and Portugal.

The Times has noted a significant increase in inquiries about relocation services, and the high-end property market is seeing a slowdown as wealthy buyers hesitate.

Taxation and Government Challenges

The prospect of higher taxes could lead to reduced revenue for the Treasury, as wealthy taxpayers are significant contributors to income tax receipts.

Proposed new taxes, such as those on packaging and convenience foods, are part of the discussion.

Additionally, Sir Keir Starmer faces a potential rebellion from within his party over proposed cuts to pensioners’ winter fuel payments.

A review of the NHS, which will be released soon, might also influence future government plans.

The proposed mansion tax, which would target properties worth over £2 million, remains a topic of speculation.

A Treasury spokesperson has indicated that the Chancellor will address the challenges in the upcoming Budget, but the specifics are yet to be determined.

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