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What could UK elections mean to the US wealthy?

Date: 18 Mar 2015

Citywealth

Joshua Rubenstein, National Head of Trusts & Estates of Katten Muchin Rosenman,gives his forcast for the UK General Elections from New York.

How do you think the election campaign may affect how London is perceived by WM clients?

There seems to be a lot of anti-wealth rhetoric coming out of the Conservative Party at the moment. I don’t think it is being well regarded by UHNWI’s and their advisors.

Are you noticing any clients being affected already?

Many clients are now picking Switzerland over London, which seems more hospitable to wealth.

What do you think about the Crown dependencies being brought into the political debate about Wealth?

Many of the Crown dependencies ‚Äédepend on being financial centres to survive, so being dragged into the debate doesn’t help them.

What is a “fair share” of tax and is it an election winning idea?

The “fair share” talk is an appealing soundbite to the masses, but unfair to anyone who depends on how laws are actually drafted — which everyone must be able to do. Clients have a right to predictable results.

What do you think will be the result?

I think the diatribe is going to prolong unnecessarily the uncertainty about tax planning which is good for no one. But that might level the playing field again and encourage financial centres to compete for positive reasons, not negative reasons.

Would you say it is a foregone Conservative conclusion?

Yes, I would be surprised at other than a Conservative win.

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