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The ‘Corbygeddon’ effect

The upsurge in wealthy clients seeking advice on moving money abroad means a greater appetite for legal advice on wealth protection in a matrimonial context, says Pippa Allsop

22 August 2019

The increasing number of reports that the UK is about to experience a mass exodus of the super-rich, or at least of their wealth, recently led to the Sunday Times coining the rather alarming term “Corbygeddon”.

Numerous private client law firms have confirmed a marked upsurge in high-net-worth clients seeking expert advice in relation to moving their money overseas in anticipation of a Labour government implementing its proposed tax increases, which will be applicable only to “the top five per cent”.

The Sunday Times Rich List 2019 investigation found there was a possibility of up to £1tn in assets and businesses being relocated abroad if Jeremy Corbyn made it into 10 Downing Street, leading the head of Coutts bank to assert that this situation gives a greater cause for alarm than Brexit.

In the circumstances, it’s clear there will continue to be an enhanced appetite among wealthy clients for expert legal and financial advice, pa...

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