Search for lower taxes spike from wealthy ahead of UK Budget

Wednesday 30 October 2024

Since the general election there has been a significant increase in interest from wealthy individuals considering moving their assets to the Channel Islands, according to Canaccord Wealth.

The wealth management firm reported that there had a 56% increase in people specifically searching for its services in Guernsey and Jersey as well as the Isle of Man.

Following Labour’s landslide victory in July, an increase of 56% in the number of page visits from web searches specifically for Canaccord’s services in the UK’s Crown Dependencies has grown each month from those looking to move their high worth assets to lower tax jurisdictions.

Rachel Reeves, Chancellor of the Exchequer, will be outlining her Budget today which may contain various tax rises for UK residents which Canaccord say has been causing concern for their wealthy clients.

Andy Finch (pictured top), CEO of Canaccord Wealth’s International business, covering the UK Crown Dependencies, said: “It’s clear from the data that people are concerned.

"We are also hearing this in the conversations we are having with professional partners and referrers who say there has been a spike in activity among those on the UK mainland considering becoming a tax resident in the Crown Dependencies.”

“At Canaccord Wealth, we serve clients across the UK and Crown Dependencies, so we have the capability to support, whatever happens in the Budget.

"Our team of experts based in Guernsey, the Isle of Man and Jersey have the local knowledge and wealth management expertise to react to whatever specific ambitions our clients have.”

Matt Philips, Director of Wealth Planning for Canaccord in the UK, said: “The messaging from the UK government has been clear over the past few weeks and this has caused concern for our clients.

"We have welcomed the chance to have conversations and provide reassurance, but we are seeing high net-worth individuals starting to explore other locations for their wealth.

“It’s our role to help our clients navigate the complexities of the macroeconomic environment and achieve their long-term financial goals. However, the data backs up what we are hearing face-to-face. 

"The number of enquiries we are receiving, so called ‘intent searches’ online, demonstrates people are worried and are exploring their options.”