Efforts to protect wealth should Labour take power are being stepped up
may have it in for tax havens, but they are not all cursing the Labour leader. Well-heeled types worried about the prospect of a Corbyn-led government have been buying property on Guernsey with a view to moving to the island, attracted by its flat 20% income-tax rate and lack of capital-gains or inheritance taxes. Demand for homes there is buoyant, and Jo Stoddart of Locate Guernsey, an investment-promotion agency, says queasiness over Mr Corbyn is one of the main reasons.
Such fears have fluctuated in line with recent political turmoil. Wealth advisers agree that clients worry more about Mr Corbyn than Brexit—though the two are linked, as some fear a disorderly Brexit precisely because it could usher in a Labour government. Iain Tait of London & Capital, who advises dozens of rich families, says anxiety about Labour has reached its highest point yet in the past couple of months.
With a property-based wealth tax in mind, some rich folk are accelerating the transfer of homes to children. “They might have done this anyway when the kids were in their 20s. Now they’re doing it in their teens,” says one adviser, who has “dozens” of clients who have opted to speed up handovers. Some are also using up tax-free pension allowances, or vesting tax-free cash, earlier than required, for fear of such benefits evaporating under Labour.A smaller number are considering moving offshore.
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