Phineas’ comments have been reproduced below with kind permission
Phineas Hirsch discussed what a Burnham premiership might mean for high-net-worth individuals, suggesting that he might “double down” on a fairness-first, regionally redistributive tax agenda.
He explained that a new Burnham government would not seek radically new taxes overnight, but rather would engage in a stronger push for closing reliefs and tightening wealth taxation.
“I suspect we are likely to see continued pressure to raise revenue from wealth rather than income, meaning HNWIs should prepare for renewed scrutiny on capital gains, inheritance tax reliefs, and potentially the introduction of a wealth tax,” Hirsch stated.
“Burnham is somewhat of an unknown quantity at this level of government, but a continued drive for ‘fairness’ risks coming at the cost of economic growth.”
He concluded by stating it would be good if the political change could be taken as an opportunity to reassess what is working and what is not in terms of the government’s stated desire to stimulate growth and inbound investment.
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For further information, please contact Phineas Hirsch. Alternatively, telephone 020 7465 4300.
