Raj Kumar Bagri, Baron Bagri, was one of the UK's successful Asian businessman who renounced his House of Lords peerage in 2010 to protect his "non-dom" tax status and avoid paying resident taxes. He is a metals magnate and former Chairman of the London Metal Exchange. He was awarded the CBE in 1995. Raj Kumar Bagri is the father of Apurv Bagri, managing director of Metdist.
LME Chairman and potential windfall
The sale of the LME in 2012 is expected to land Bagri with a windfall earning of £90million.
A billionaire lord who refused to pay taxes
Bagri renounced his House of Lords peerage in 2010 to escape paying resident taxes, having been a Conservative Peer from 1997 onwards. Bagri retains his title.
His former Regent's Park home, acquired for £5.9m in 1994 and redesigned by Quinlan Terry, fetched £120m on sale in November 2011 — making it the most expensive single property ever sold in the UK.
- Nicholas Larkin and Agnieszka Troszkiewicz, 'London Metal Exchange Takeover Bids Mean Most Is at Stake for Goldman, UBS', Bloomberg, 28 September 2011, accessed 24 November 2011
- Anna Mikhailova and Maurice Chittenden, 'Non-dom Tory peer to net £100m in house sale', The Sunday Times, 20 November 2011, accessed 24 November 2011
- Andy McSmith 'A peerage? I'd rather give it back and cut my tax bill', The Independent, 7 July 2010, accessed 24 November 2011
- Ashis Ray, 'NRI tycoon sells London home for whopping £120m', The Times of India, 21 November 2011, accessed 24 November 2011