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High net worth advised fear a Corbyn-led government

Jeremy CorbynA Labour-party government under leader Jeremy Corbyn is of more concern for the advised population than the ongoing impacts of Brexit, according to deVere Group.

Chief executive Nigel Green says the UK’s high net worth in particular will be looking to “Corbyn-proof” their finances.

He says: “Since the beginning of the year a large and growing number of clients are telling our advisers that for their wealth, they fear the damaging impact of a Jeremy Corbyn-led government more than Brexit.

“Should the Brexit turmoil continue, and the Conservatives keep losing ground to Labour, it can be reasonably expected that a considerable amount of our clients will move their assets outside of the UK.”

Major concerns for the advised population under a Corbyn government include increased inheritance taxed, income taxes, stamp duty and capital gains tax increases and the potential roll-out of capital controls, he adds.

Brexit’s monetary impact on finance firms hits £4bn

Advised clients are also increasingly concerned pensions tax reliefs would face the chopping block.

Green says: “Rightly or wrongly, Corbyn is seen as a bigger threat to high net worth individuals’ wealth and the UK’s economic outlook than even Brexit.

“To counteract the damaging effects of these policies on their wealth, more and more of them will be actively considering established, legitimate overseas opportunities to create, build, and importantly, protect their wealth in the coming months.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Oh grow up and get over it.
    That would be a really positive move to get rid of the small minded people who are actually holding everybody back with their ‘pull the ladder up’ mentality. Bye bye you and your money will not be missed and if your surplus wealth is so important to you, move overseas yourself.

    • Roy, if you honestly think that the very wealthy upping sticks and moving out and taking their billions, probably trillions with them isn’t a problem, then clearly your knowledge of economics and things like productivity is somewhat lacking.

      Might I suggest educating yourself to these things before commenting on a subject.

  2. There are also plenty of rather ordinary earners and non-HNW people concerned about Jeremy Corbyn getting into power. His idea of high income and wealth is not limited to genuinely HNW individuals at all.

  3. I’m amazed that a communist is in financial services and posting on this forum.

    As Inky Ghost has quite rightly said people of reasonably modest wealth, which they have worked hard to accumulate and paid tax on, will also most likely be impacted. You don’t have to live in a palace in parts of the UK to own a house worth £750k and more; add some modest savings and a pension, let alone a half decent income – and Magic Grandpa will be gunning for you.

    Mr Blackler seems to be unaware that those who are really HNW are the ones who have created successful businesses, made significant tax contributions and employed people. They may well leave – to the detriment of UK GDP. People who have ‘made it’ should be celebrated – not maligned.

    I by no means consider myself wealthy, but if we have a no deal Brexit and a Corbyn government, even at my advanced years, I will seriously consider emigrating. The UK is certainly not the country of my youth.

    • Indeed Harry, unfortunately I suspect that Mr Blacker is probably a momentum Corbyn supporter drawn by a link, who loves the politics of envy, who thinks he is entitled to the fruits of other people’s hard work and believes that the only reason he is not successful is because the world is against him. I very much doubt that he is anyone successful in this industry.

      I suspect he doesn’t realise, or more likely cannot admit to himself that the issues with his own life are due to his choices and that if he had made other choices, his life could have been very different.

      But as usual with those who subscribe to certain belief structures, they cannot admit these things, otherwise their belief structures fall apart around them, because they would have to realise that only they can make their lives better and big brother can only make it worse.

  4. Banning non-Doms would be a better idea.

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