Billionaire family from India buy £42m townhouse in Mayfair despite Labour Government's non-dom crackdown By FRANKIE ELLIOTT FOR MAILONLINE Published: 06:07 EST, 21 November 2024 | Updated: 06:38 EST, 21 November 2024 e-mail View comments A billionaire family from India has bought a £42m townhouse in Mayfair despite the Government's crackdown on non-dom tax rules. The Poonawalla family, who own one of the world's largest vaccine developers, purchased a property in one of London 's most expensive addresses in May. Public filings seen by the Telegraph show the townhouse was sold to Phinity Developers, which lists fashion influencer Natasha Poonawalla as a director.
Ms Poonawalla is also an executive director at the family's Serum Institute of India, which made hundreds of millions of the Oxford-AstraZeneca Covid vaccine. The company also invested millions of pounds into vaccine research and manufacturing facilities in Oxford. But the family's links to the UK were feared to be coming to an end after Ms Poonawalla's husband Adar criticised the Government's plans to abolish the non-dom rule and replace it with a residence-based regime.
Although Mr Poonawalla did not spend enough time in the UK to be impacted by the tax changes, he said his wife Natasha would likely feel the effects. He told the Financial Times: 'At the top level, the policy should be such that it encourages large groups and individuals to come and invest and stay in the UK. The Poonawalla family, Adar Poonawalla.