An IMGlobalWealth.news Report
Britain’s richest self-made entrepreneur under 40, Herman Narula, is, allegedly, preparing to leave the UK for Dubai, a move that has reignited debate over whether the country’s proposed “exit tax” could trigger a wider departure of founders and investors.
Picture source: https://www.improbable.io/
Narula, the 37-year-old chief executive and co-founder of the £2.5 billion technology firm Improbable, told The Telegraph that he “doesn’t particularly want to leave the UK, but… doesn’t want to be banned from that option.”
His remarks come as Chancellor Rachel Reeves considers a so-called “settling up charge” on capital gains for wealthy individuals who emigrate, a measure designed to prevent tax avoidance by relocating to low-tax jurisdictions.
Narula called the proposal “irresponsible” and warned that it risks driving away Britain’s entrepreneurial class at a time when global competition for talent is intensifying.
“It has forced a lot of people to leave,” he said, adding that speculation about new fiscal measures had made the UK “too unstable and too risky to maintain residency.”
Other prominent business leaders are already taking similar steps. Nikolay Storonsky, the billionaire co-founder and chief executive of Revolut, shifted his personal tax residency to the United Arab Emirates last year, as previously reported by IMGlobalWealth.news in Tax, Talent and Freedom: Why Revolut’s CEO Chose the UAE Over the UK.
Revolut remains headquartered in London, but Storonsky’s decision illustrates how founders are responding individually to growing fiscal uncertainty.
Storonsky’s relocation followed similar choices by tech investors and entrepreneurs who regard Dubai, Singapore and the United States as more stable and tax-efficient bases for scaling global operations.
Analysts warn that such moves could cost the UK billions in lost innovation, investment and tax revenue, eroding its position as Europe’s start-up hub.
A coalition of more than one thousand British founders has signed an open letter urging the Treasury to abandon the exit tax proposal, arguing that it sends a damaging message that “entrepreneurs are not welcome.”
They contend that Britain’s economic recovery depends on retaining risk-takers, not penalising them.
Narula, who studied at Cambridge and built Improbable into a leader in gaming, defence and artificial intelligence simulation, now joins a growing list of British innovators reassessing their future.
His decision, like Storonsky’s before him, highlights a deeper question: can Britain remain attractive to wealth creators while tightening its grip on their capital?
