ISSUE 22
ARTISAN BOOK CONSULTANT FRANCIS ATTERBURY ON
GIVING WEALTHY CLIENTS EXACTLY WHAT THEY WANT
CLAIM A DISCOUNT ON THE
FINEST COFFEE
WE WANT TO HEAR FROM YOU
SECRETS FROM... A SUPERYACHT DECK CREW
A LOOK INTO THE FUTURE
Nick Portet | Editor •2•
•EDITOR’S INTRO•
Editor’s Intro A WARM WELCOME TO ISSUE 22.
to see that the wealth industry is still literally- on the move. Elsewhere you’ll
Over the past month it’s been wonderful
find wise words from Mark Pierce on the
to hear from so many of you with positive
true cost of the pandemic. Inevitably it
comments and great stories. There’s
looks like tax increases on the horizon,
reassuring variety in what each of us does
with a probable focus on premium real
for a living, but what everyone seems to
estate and second homes – a popular
share are the ability to adapt and a great
move for some, but a potentially bitter pill
sense of humour – probably two of the
for most of our clients. On a lighter note, I
most essential tools in this new world we
couldn’t resist the tongue-in-cheek tales
find ourselves in. Optimism is pretty useful
of life aboard a super yacht – who knew
too – as long as there’s some substance
the hot water a lobster could get you into?
to back it up – and looking at David’s review of the month it’s clear that there’s
With most of us well and truly settled in
a tangible feast of digital opportunities
to working from home, it’s the Zoom-
coming your way from PCD.
powered glimpses into other people’s lives that can really brighten up a day. This
This month The Privateer ponders the
month the PCD team have shared some
future of offices – not just what to wear
photos of our own WFH realities. We’d
but where we’ll actually be working.
love to see yours too – I only hope you’re
I really loved the notion of Barclays
not having as much trouble keeping a
sending its investment bankers to work
Jack Russell off your desk as me! Likewise,
in local bank branches – sounds like the
if you’re inspired by meeting members in
stuff of a great British sitcom! Or maybe
this month’s magazine, please drop us a
there’s a book in it - you can read about
line if you’d like to be featured – wherever
the increasing numbers of HNW clients
you’re working from.
capturing their homes, passions and pastimes on paper in our guest article by
Keep on adapting, staying safe,
artisan book consultant Francis Atterbury
and going digital.
here. I’ll be glued to the new PCD mini-series on relocating to the Caymans and relieved •3•
• M O N T H I N R E V I E W B Y DAV I D B E L L •
Month in Review by David Bell IN THE LAST THREE MONTHS
We believe this to be the future
TEAM PCD HAS TRANSFORMED ITS
of international networking.
BUSINESS MODEL THROUGH THE SUPPORT OF OUR LOYAL MEMBERS
Like everyone across the world right
AND SPONSORS. ALTHOUGH
now, we are learning so much each
UNDOUBTEDLY CHALLENGING, IT
and every day and will continue to
HAS BEEN SUCH AN INCREDIBLY
do our best to create value for our
REWARDING EXPERIENCE TO DATE.
members and sponsors. Keep track of our upcoming webinars via our
Our team has pulled out all the stops
website and don’t forget that, should
to deliver a terrific programme and
you miss a webinar, you can watch
feedback has been better than we
them all again online.
ever could have hoped. Sophie has delivered the technology solutions
For the rest of 2020, we have a solid
under pressure; Chris has produced
programme of digital content and
some outstanding content; Lucy A
online networking in the schedule
has delivered amazing service for our
and are therefore encouraging
customers; Lucy V and Nick are driving
leading professionals to join us now
this ever-popular digital magazine
to access these valuable ideas and
forward leaps and bounds; and Tracey
make important connections with
is coming back onboard to manage
potential introducers of new business.
our schedule of digital content.
When our live event programme can safely resume, our members will be
Together we are creating a
able to make use of their dinner ticket
fully-fledged digital business
allocation in their package, so no one
connecting the best talent in
is being penalised for joining the club
the private wealth sector on a
today. Please contact members@pcd.
global basis for the purpose of
club to discuss which membership
doing more business together.
package could be right for you.
•4•
• M O N T H I N R E V I E W B Y DAV I D B E L L •
So just what exactly have we been up to since our last issue in June?
Fireside Chat with Paul
UK Estate Planning - Wills,
Onwuanibe
Investments and Giving
US/UK Succession Planning
Global Mobility for HNW families in East Africa
Middle East Series -
The Hot Seat with Amber Lion
International Real Estate
and Arc & Co
View upcoming events
•5•
• W H AT ’ S N E X T •
What’s Next UK & EU Series: UHNW Structuring for Real Estate & Private Equity in Luxembourg 8 July 2020 | 2:00 pm - 3:00 pm
Register
East Africa: Sustainable Investing - Global and Africa Considerations and Opportunities 9 July 2020 | 10:00 am - 11:00 am
Register
UK & EU Series: Green-Shoots or Another Bubble: Post-Lockdown Issues for International Structures Holding UK Property 15 July 2020 | 2:00 pm - 3:00 pm
Register
US & Canada Series Cayman Series: International Wealth Structuring Update 16 July 2020 | 4:00 pm - 5:00 pm
Register
View all upcoming events
• T H E P R I VAT E E R •
The Privateer “I WALKED THROUGH THE CITY TO
their commitments to lavish office
MY OFFICE IN HATTON GARDEN AND
space with airy breakout rooms but
IT WAS LIKE A ZOMBIE APOCALYPSE
a “hot desk” environment behind the
MOVIE, THERE WAS JUST NO-ONE
scenes that can’t operate effectively in
AROUND” SAID A DIAMOND DEALER
the COVID era. They are not fit for the
ON A ZOOM CALL LAST WEEK. THE
new world. There is no going back.
BIG RETURN TO WORK IS ALLEGEDLY ON IN THE UK, BUT WITH LAWYERS,
I saw an article recently asking if Friday
BANKERS AND TAX ADVISORS HOLED
would be a permanent
UP IN THEIR GARDEN OFFICES IN
work from home day,
SURREY THERE IS NO GREAT RUSH
when we all return to
BACK TO THE OFFICE.
office. I see it the other way around: Thursday /
According to Bloomberg, Standard
Friday might be a day in
Life Aberdeen PLC is preparing for staff
which colleagues pop into
not to return to the office for the rest
town to meet internally or
of the year. The firm told its 4,900 U.K.
a contact externally for a
employees that the majority shouldn’t
socially distanced coffee
expect to come into the office in 2020.
or lunch. Firms will need
Janus Henderson Group Plc workers
different kinds of space
and BNP Paribas Asset Management’s
to accommodate this
London staff will also continue to work
new trend. Barclays have
from home for the foreseeable future.
suggested their investment
The buzz of the City thrives on the
bankers could be heading
volume of people streaming through
into the branch network to
the stations, pubs, restaurants, cafes
work rather than heading to
and bars. Strip away the footfall and
Canary Wharf as a default for
they become very eerie places indeed.
the daily work.
We are told that - like suits & ties - the
Will High Net Worth clients
office environment as we know it could
really want to see their banker,
soon become extinct. Firms facing
lawyer or tax advisor in person in
extreme cost pressures are analysing
an office in the City or Mayfair, with •7•
• T H E P R I VAT E E R •
all the hassle that would go with it?
the Nasdaq 100 index this week. Zoom
Clients who want face to face meetings
added 100 Million users in 3 weeks
are likely to want that at or near
in April. Professionals will still need
their home in an outdoor or socially
a place to meet colleagues, contacts
distanced setting. A
and clients going
Jersey lawyer I met
forward. It is very
recently discussed
Will High Net Worth
hard to sell services
signing wills with
clients really want
based on trust and
her clients in their
to see their banker,
relationships online
garden over pots
lawyer or tax advisor
via video or phone
of tea. This is fine
in person in an office
calls. Part of the
during the fine
in the City or Mayfair,
picture of trust is
summer weather
with all the hassle that
but we all wonder
would go with it?
who recommended you to the client -
what will happen as
referrals between
we head into winter
professionals in this
with no end in sight for the virus.
difficult time will be worth their weight
What is certain is that technology will
in gold.
play a defining role. DocuSign entered
•8•
•MEMBER NEWS•
Member News and will be heading up the team. Ilan joins us from King & Spalding, where he worked with a wide range of clients on a variety of domestic and cross-border M&A and corporate finance transactions. Prior to King & Spalding he was a member of Allen & Overy’s corporate team where he worked for a number of years. Ilan advises clients on corporate finance transactions, including mergers and acquisitions, public takeovers, equity capital markets, and joint ventures. He also provides clients with advice on
Seddons welcomes new Partner and Head of Corporate, Ilan Kotkis
general corporate legal issues. Ilan is also ranked in Legal 500. On his appointment to Head of
Ilan Kotkis joins the firm as a Partner,
Corporate, Ilan said “I am thrilled to be
and Head of Corporate.
joining Seddons. The Corporate team, and the firm as a whole, has real talent
Seddons is thrilled to welcome
and ambition, and I am excited to play
corporate lawyer, and M&A specialist,
my part in Seddons’ growth plans.”
Ilan Kotkis, who has joined our Corporate department as a Partner,
Managing Partner, Simon Ross, said...
Read full article online
•9•
• T H E H O T S E AT •
The Hot Seat with Orbitt PCD LAUNCHED A NUMBER OF REGIONAL PODS IN MAY WHICH HAVE BEEN HUGELY SUCCESSFUL AND POPULAR WITH MEMBERS AND SPONSORS TO DATE.
India
West Africa
South Africa
LATAM
Middle East
UK & Europe
East Africa
China
US & Canada Join a Regional Pod
In this video, PCD Founder David Bell speaks with Will and Lanre from Orbitt, whose mission is to connect businesses in Africa to investors and lenders who are seeking investable opportunities in Africa. They've worked hard to create a digital trade and investment services platform which helps investors and promotes deal flow across the continent. If you'd like to catch up on the rest of our East and West Africa series, simply head to our website.
•11•
• G I V I N G C L I E N T S W H AT T H E Y WA N T •
Artisan Book Consultant Francis Atterbury on Giving Wealthy Clients Exactly What They Want HERE AT HURTWOOD WE’VE
Often these books are personal and
CREATED BOOKS FOR SOME OF THE
not intended for publication beyond
BIGGEST NAMES IN CONTEMPORARY
an intimate family circle or business
ART, BUT IT’S OUR WORK FOR
group, but sometimes they might be
PRIVATE INDIVIDUALS THAT OFTEN
for everyone.
PROVIDES THE BEST STORIES. One thing is for certain, no matter how Not everyone has a book in them
grand or how humble, all good books
in the sense of the cliché, but many
start with a conversation. Although
people do have art collections
our clients may have an idea of what
they want catalogued, events they
their book should look like, it’s the
want celebrated, houses they want
conversations we have that reveal
documented, gardens they want to
what’s possible.
share or memories they want to keep.
•12•
• G I V I N G C L I E N T S W H AT T H E Y WA N T •
As the outline of the project becomes
way. A meeting in Venice for hours of
clear and we consider the reactions
intense planning followed by cocktails
of the intended audience, we also
at Harry’s Bar. Flying the client to meet
start to think how best to create the
the artisan paper maker so they could
book. Sometimes this might mean
experience for themselves the love and
commissioning a photographer to
care that went into the hand-made
capture a person, place or event,
paper created especially for their book.
sometimes we might involve a writer
Or just me, alone with only a cup of tea,
or interviewer, and sometimes we’ll
a notebook, and an exquisite collection
coordinate, translate and edit the
of Monets.
world-wide responses from friends of a retiring multi national CEO in
But perhaps the most apposite
total secrecy before designing and
thoughts came from my first meeting
delivering a 300 page, leather bound,
with a world famous artist who simply
gilt-edged book to a final AGM.
said: “I don’t mind what you do, as long as it’s exactly what I want”. It sounds
And there have been many
difficult but, in reality, it’s no more than
memorable encounters along the
any client should expect.
Francis’s Adventures in Print
1
For a client in LA, we created a book documenting holidays on their private island. They requested it be ‘bound in water’ so we developed innovative new binding techniques and sourced unusual papers. It ended
up being named ‘Book of the Year’ in the British Book Awards and, oddly, now the subject of a Treatment for a TV show.
•13•
• G I V I N G C L I E N T S W H AT T H E Y WA N T •
2
Art books can be impersonal. We subverted the convention by mixing family pictures with Old Masters for a book about a client’s art collection. Having friends and family write about the art, adding
a Banksy into a Canaletto and including the client’s own daughter’s work we created a book that was simultaneously both professional and intensely personal.
3
Leaving a legacy is often the driver for a book. One client asked us to create a very
personal recipe book, documenting the meals her family share and enjoy along with photographs of their homes and lives.
See Francis and the team at Hurtwood’s work here. www.hurtwood.co.uk •14•
• TA L L O R D E R S •
Tall Orders WE ALL KNOW THAT WHEN IT COMES TO ADVISING PRIVATE CLIENTS THE BOUNDARIES CAN EASILY GET BLURRED. We’re collecting (anonymous) stories of the tallest orders and biggest asks you’ve had. Here are a couple to kick things off, if you have a story to tell contact lucy@pcd.club. I remember rolling up to a client’s country estate in my battered old Land Rover. I was there for business, but I’d brought my two dogs with me as there was no one at home that day. Conscious that mine wasn’t the smartest of cars, I parked out of site of the main house, but the client spotted me and strode over. Far from being horrified, he seemed transfixed and was full of questions about both the Landy and the dogs. By the time I left him I’d somehow agreed to not only train his gun dog but source him a vintage Land Rover too! A hedge fund manager I was working for found out that I had some vague connections in the music business and asked me to book well-known socialist Paul Weller to play at his birthday party. I didn’t even try.
•PCD RECOMMENDS•
PCD Recommends Listening to: Off Menu Podcast by Ed Gamble and James Acaster In the heart of a crisis when our 'normal' has been turned upside down, this uplifting podcast boasts three things that we're sure are guaranteed to lift anyone's spirits: food, humour and great storytelling. Each week, comedians Ed Gamble and James Acaster invite special guests into their magical restaurant to each choose their favourite starter, main course, side dish, dessert and drink. Celebrities have ranged from chef Simon Rogan to actor/comedian Greg Davies and Tom Allen; but we've found that even if we aren't familiar with the guest, we just can't get enough. Highly recommended for a laugh. Listen on Apple Podcasts
Acast or
Spotify
Watching: Chernobyl Okay so we'll admit, finding a TV series that's engaging enough to keep our attention from start to finish can be a fairly tall order (more about those on page 15). Chernobyl, however, represents some of this year's finest TV. A historical five-part miniseries, •16•
•PCD RECOMMENDS•
it revolves around the Chernobyl nuclear disaster of April 1986 and the cleanup efforts that followed. At the moment, it's leading the Bafta TV awards nominations and has won numerous others to date. Dramatising a national tragedy will always make for dark, intense viewing; however it is a truly gripping, masterful depiction of the most incredible heroism and sacrifice. It both shocks and educates, depicting some of the very best and worst of humanity.
Watch on Amazon Prime
Drinking: The Gentlemen Baristas We have collaborated with our friends at The Gentlemen Baristas to bring you an exclusive offer as PCD members so you can enjoy the best quality coffee while working from home.
Exclusive offer can be found on page 31.
Have any recommendations to share with our members? We’d love to hear from you. Email members@pcd.club •17•
•WFH WINDOW•
WFH Window WE'VE ALL BEEN PLUNGED INTO A
semi-professional office environment
STRANGE NEW WORLD WORKING
with children screaming, dogs
FROM HOME THESE PAST FEW
hijacking desk space and partners
MONTHS.
hogging bandwidth, it's been a challenge for us all!
Team PCD has always been virtual from Brighton to London to St Albans
For a little light entertainment, here's
to Isle of Man, we're well versed in
a window into our work-from-home
remote working but being confined to
worlds - we look forward to seeing
our homes while trying to establish a
yours.
Lucy Verdon: “Perching anywhere for a change of scenery - helps with creativity!”
Nick Portet: “Hijacked by Jack Russells”
•18•
•WFH WINDOW•
Share your WFH Window with fellow PCD members send your photos to lucy@pcd.club or use the hashtag #PCDWFHWindow on Linkedin.
David Bell: “Webinar HQ”
Lucy Ashworth: “Peace out”
Chris Mathison: “Needs a bigger table”
•19•
• U H N W R E L O C AT I O N O P T I O N S I N TO C AY M A N •
UHNW Relocation Options into Cayman In partnership with Dart Real Estate.
ON TUESDAY 2 JUNE WE LAUNCHED OUR CAYMAN SERIES IN PARTNERSHIP WITH DART REAL ESTATE. THIS 3-PART MINI-SERIES FEATURES OPPORTUNITIES FOR WEALTHY INTERNATIONAL FAMILIES TO RELOCATE TO CAYMAN, EXPLORING THE LATEST TRENDS IN WEALTH STRUCTURING FROM THE JURISDICTION AND FAMILY OFFICE TRENDS. THE CONTENT IS RELEVANT FOR PRIVATE WEALTH ADVISORS IN LAW, TAX, FINANCIAL ADVICE AND FIDUCIARY SERVICES THAT DEAL WITH UHNW CLIENTS.
Episode 1
Our first episode featured Sue Nickason, Vice President of Sales and Marketing at Dart Real Estate; Bernadette Carey, Partner at Carey Olsen; and Richard Thomson, Client Relationship Manager at EFG Bank. We used 3 client case studies as a structure for our conversation to illustrate the opportunities for wealthy international families to move to Cayman.
•20•
• U H N W R E L O C AT I O N O P T I O N S I N TO C AY M A N •
Episode 2
Our second episode in the series, kindly sponsored by Dart Family Office, featured Chris Duggan, Vice President of Business Development at Dart Real Estate, Philip Paschalides, Partner at Walkers' working within Global Finance and Corporate Groups and Sue Holmes, Senior Manager, Head of Private Banking, Butterfield Bank (Cayman) Limited. Our discussion focused on the latest trends on how and why family offices are using Cayman to administer and manage the wealth of UHNW families around the world.
This series is open to PCD Club members and special guests of our sponsors. The final instalment in this series will take place on 7 July 2020 at 16:00 BST. To find out more about joining PCD, email members@pcd.club.
•21•
•FIXED INCOME AND MORTGAGE MARKETS•
Fixed Income and Mortgage Markets His talk also highlighted the current list of winning and losing sectors and the Alan Kinnaird gave a summary of the
possibility that the bond market needs
Fixed Interest markets during a recent
to see customers and employees return
PCD Webinar. In addition, his colleague
to work sooner rather than later.
Ian Philpot, Director (Credit Product Management) reviewed how Kleinwort
He also mentioned that certain Old
Hambros is dealing with its mortgage
Industrial bond issuers may be left
business during the COVID crisis
behind in the current cycle as those
together with some recent case studies.
groups which have not been prepared to invest heavily in technology will
Alan is a Senior
lose substantial business to their
Private Banker with
competitors when demand recovers.
Kleinwort Hambros in Leeds and a keen
Alan highlighted that the current
supporter of the local
consensus within financial markets is
PCD Club network. He has managed
that Central Banks have to some extent
investment portfolios since 1996 and his
replaced retail lenders in the current
talk focused on the main issues facing
crisis and the combined support from
investors in the coming months.
Government backed bond buying programs and fiscal support has been
He highlighted the steady reduction in
significant and widespread. Moreover, it
bond yields across all Government and
seems clear that rates of new infections
Corporate bond issues within developed
and the rate of return to work will hold
markets over the last 20 years; however,
centre ground in the bond market's
he noted some indiscriminate selling
minds over the coming months.
of bonds in certain segments of the market. A situation which he feels is not
Listen again:
dissimilar to 2007/8.
Alan Kinnaird
•22•
Ian Philpot
•LETTERS TO THE EDITOR•
Letters to the Editor
Paradise found - Last month’s
I enjoyed reading last month’s WFH
article on the value of private
Diaries - it was great to hear that
landscapes really struck a chord. As
other members are having similarly
advisors we’re always looking for
‘traumatic’ experiences trying to juggle
ways to connect with our clients and I
work and family life at home. My two
know that a love of gardens is a strong
year old dictates that every day I must
common thread. I’ve enjoyed taking
“Let it Go” to the music from ‘Frozen’;
clients to RHS Chelsea over the years
my six year old uses me as her guinea
and have often bonded with them over
pig at my desk as, I am repeatedly
the show gardens there. With this and
told, she is a nail and hair technician in
so much else cancelled this season,
training. Try explaining the lipstick on
it was great to be reminded of the
a Zoom call with a client when you’ve
power of beautiful private landscapes
forgotten all about it! - A member in
to bring us together. I’ll be starting
London
conversations with my clients about their own personal paradises straight away. - A member in London •23•
•LETTERS TO THE EDITOR•
model in response to COVID-19. As we work towards establishing this ‘new normal’, I think it’s so important to look back on this period of uncertainty with as much resolute positivity as possible. In so many ways we have struggled but yet in so many ways we have flourished; we have found new solutions to problems we perhaps never knew we had; we have streamlined processes; given colleagues the opportunity to enjoy a greater work/life balance; saved the planet (a little) from our carbon emissions; learnt to make quick decisions and move forward with I was intrigued by The Privateer
purpose. Before you plunge back into
column in last month’s magazine; it
business as usual, I plan on taking a
was interesting to hear how, like many
moment to reflect on exactly what I
businesses out there, the team at PCD
want that ‘usual’ to be. - A member in
has completely reworked its business
Jersey
We’re looking for stories, ideas and opinions with real appeal for our members. To submit a ‘letter’ for publication in our monthly magazine, simply email your content to lucy@pcd.club. Just two points of general guidance: please keep it short (max 200 words) and exclusive.
•24•
•SECRETS FROM•
Secrets From... A Superyacht Deck Crew
This isn’t the right lobster! We were off the coast of Montenegro with the American owners and a few of their A-list friends to celebrate the 4th July when calamity struck. Halfway through dinner one of the guests complained that the lobster wasn’t as good as the ones they had once had from Nova Scotia. This then meant the boss had to send off the helicopter (from the Helideck of the yacht) to a nearby specialist seafood seller 10 miles away to collect new lobsters just for this particular guest. Safe to say we couldn’t tell the difference when the leftovers came around!
•25•
The never-ending cinema This particular yacht was fully kitted out for any desire of the rich and famous, from a basketball court that can be set up on the foredeck to a 20-person lounge IMAX cinema complete with fully reclining massage seats. The owners used the cinema daily watching films that hadn’t even been released in international cinemas yet! One night there was a panicked call to the captain as the guests had managed to lock themselves inside the cinema and we couldn’t access them as the doors are sealed from the inside. We managed to free them after a few hours, although they didn’t seem that phased after gorging themselves on unlimited sweets and chocolates truffles.
Slides & roundabouts There are lots of toys available for the guests to keep them entertained whilst on board including an inflatable slide that comes out from the helideck. This slide was no small feat to set up and took more than half a day using all 6 deckhands. The slide was once requested by the owner's teenage son, so after setting it up as fast as possible, the son was told it was ready and used the slide just once before becoming bored and deciding that he wanted to use the jet skis instead. This then meant we had to pack the full slide away (another 4 hours of labour), all for the sake of one ride down the slide.
Do you have some interesting insights from working with HNWIs? Send them to lucy@pcd.club to feature in next month's magazine.
•26•
Access the latest content here To collaborate with us on upcoming PCD webinars, contact members@pcd.club
• W H AT C O M E S A F T E R C O M M U N I T Y C H E S T ? •
What Comes After Community Chest? by Mark Pearce I recently played my son, aged 6, at our
for all of this. There is no doubt
first game of ‘proper’ Monopoly. While
that borrowing, particularly with
reading the rules I
global interest
noted that, “The bank never goes broke. If the bank runs out of money, the banker may issue as much
that was the start of my first (but not last) thrashing at the hands of my son.
rates being near zero, will increase but inevitably so too will taxes.
as may be needed by writing on any ordinary paper.” I hadn’t realised that Monopoly was
Generally speaking, there
actually a blueprint
are three
for modern day
methods of
economic practices!
raising tax
Needless to say, first
revenue:
turn he rolled a 7, took a chance that sent him
create new taxes,
to Mayfair, bought it and that was the
increase
start of my first (but not last) thrashing
the rate of
at the hands of my son.
existing tax or decrease
The amount of money the Government
reliefs. I
has granted, lent and generally made
expect the
available since the C19 pandemic
Government will
started has been staggering. Now,
use a combination
as lockdown begins to ease and life,
of all of these
but not as we know it Jim, starts to
in the coming
resume, the question is how to pay
months. •28•
• W H AT C O M E S A F T E R C O M M U N I T Y C H E S T ? •
The area where creative juices flow the
unpalatable for many of the super-
most is in relation to new taxes. From
wealthy, it would likely be supported
the cow flatulence tax in Denmark to
by the public as it only impacts those
the tethered balloon tax in Kansas,
people with substantial amounts
Governments have thought up ways
of income both last year and in the
to tax almost anything, so what might
current year. The Government would
we see in the UK? In my view, the most
have several years to reconcile those
likely area where we see a new tax is
hurt by such a tax before the next
in relation to UK property. A ‘mansion
election.
tax’, similar perhaps to those in parts of
Before being
Europe, on high-
The Government would
elected, the
value residential
have several years to
Government
property might
reconcile those hurt by
hurt the “absent
such a tax before the
oligarchs” so often
next election.
written about
promised not to increase income tax, national insurance contributions or VAT.
in the media. Alternatively, a
While manifesto pledges have always
‘second home tax’, might be
been more like guidelines than actual
a way to obtain revenue not
rules, it would not be unreasonable to
just from the international
treat the current pandemic as a game
community but also from
changer allowing them to revisit these
the domestic community owning second homes in, say, Fife.
promises. That said, the Government needs to encourage spending and we recently saw Germany announce a reduction in their rate of VAT precisely
More dramatic but
to encourage spending.
shorter lasting, might be a one-off ‘community contribution tax’. The Government could introduce
The Chancellor has made it clear that the taxation of the self-employed is likely to mirror that of employed
a single year additional tax to
individuals and, at least for the sake
anyone who earned more than
of simplicity, that makes sense.
a particular threshold last year
Income tax rates may well remain the
and exceeds that threshold
same for normal earners but could a
this year. While this would be
return to 50% income tax be on the •29•
• W H AT C O M E S A F T E R C O M M U N I T Y C H E S T ? •
cards? More likely, in my view, is that
across the board? The UK still has to
the capital gains tax rate, currently
encourage entrepreneurial spirit so
at a respectable 20% may increase significantly. There are also rumours
I don’t expect relief
Finally, there will be the usual cry of decreasing
(with the football transfer window being delayed there has to be something
tax avoidance, punishing evaders and their advisors.
else to talk about) that inheritance tax will be aligned to
for unquoted shares to disappear just yet. Other areas up for consideration are agricultural property relief, particularly on land, and further restrictions on
entrepreneur’s relief.
income tax with gift recipients above a certain threshold being required to
Finally, there will be the usual cry of
report the receipt as income and pay
decreasing tax avoidance, punishing
tax at their personal rate.
evaders and their advisors. The problem remains that what the
For years there have been talks of
Government thinks is tax avoidance
reform to the existing UK tax reliefs,
is often just sensible tax planning but
particularly business property relief
the Government knows it is a good
for inheritance tax. Will we finally
sound-byte. Expect lots of noise about
see shares in AIM listed companies
non-doms but don’t expect major
no longer qualifying for relief or
changes to the non-dom regime nor
100% relief being reduced to 50%
the remittance basis (for now at least).
•30•
2 bags 10% off
3 bags 20% off*
4 bags 30% off
*PCD members can use the code PCDCLUB10 on 3 bags (starter pack) and get an additional 10% off. That’s right, meaning a grand total of 30% off 3 bags rather than four. And wait, there’s more; The Gentlemen Baristas will even choose the 3 bags to save you the hassle.
CLAIM YOUR DISCOUNT
•QUIZ•
Quiz Cryptic Cartoon Guess the 80’s American sit-com
Illustration by Rob VonGlas
Last Month’s Answers: Cryptic Cartoon ~ Toy Story
Word Wheel ~ Absorbtion
Admissable Anagram ~ Crown Prosecutor
•32•
•PCD CHALLENGE•
#PCDChallenge This month, PCD challenged members to share photos of your work-from-home companions. We had a particularly brilliant response from the team at Oak Group - certainly looks like they’ve been enjoying more time with their fourlegged friends!
Your #PCDChallenge for July is to show us your favourite lockdown recipes; for some, without that daily commute, it may be that you’ve had more time than ever to unleash your culinary skills in the kitchen. For others, perhaps juggling childcare and working from home has meant that by some miracle you’re just pleased to have something remotely edible on the table by the end of the day! Success or failure, we’d love to see. Email your photos to lucy@pcd.club, post and tag PCD CLUB on Linkedin or use the hashtag #PCDChallenge - our favourites will feature in the next #PCDMagazine. •33•
•MEET OUT MEMBERS•
Meet Our Members: Craig Kemsley How has your business adapted to the current COVID-19 crisis? We have deployed an array of briefing notes to assist clients manage the impact of COVID-19 on their business. Like most other firms, we have got to know Teams and Zoom very well over the last few months. We have made sure we have continued to mix business and fun for example we stream Friday drinks via Zoom with all staff and organise regular quizzes. Will members see you at a PCD webinar in the near future? What do you do for Calibrate Law?
We are continuing to attend learning
Head up the tax team offering.
and networking events online.
Calibrate Law has been established as a multi-disciplinary practice offering
My top tip for working from home is...
Legal Services and Tax Advisory to our
Set up and stick to a routine for
clients under one umbrella.
Monday and Friday and freewheel it over the weekend. It provides a
What do you love most about your
differentiation from the days.
role? The diversity in the client base we
On a weekend I am most likely found…
serve and particularly learning about
Enjoying a BBQ, I’m an Aussie so it’s fair
the ways in which they have created
to say it’s in my blood!
wealth fascinates me.
Read interview online
•34•
•MEET OUT MEMBERS•
Meet Our Members: Dominic Lacey What do you love most about your role? As a private client practitioner, I am genuinely interested in people. I enjoy building relationships with clients and understanding their idiosyncrasies. During lockdown, I have found that clients have been more eager for a general chit-chat and I believe the current situation has given me the opportunity to deepen these relationships. How has your business adapted in light of COVID-19? What do you do for Tilney?
We moved to home working ten days
I’m a Director and Chartered Financial
before lockdown and thus far it has
Planner at Tilney. My role, in simple
worked really well, with few IT hiccups.
terms, is to help clients refine what
The main way we’ve had to adapt is
they want to achieve in life and put
the speed, frequency and manner of
them in the best financial position to
communicating with clients. A key
do so. To this end, I advise on how best
role of ours is giving our clients peace
to structure their finances, working
of mind and with things changing
closely with our investment managers
quickly, in March especially, they relied
who preserve and grow their portfolios.
on us to communicate in a way that
While I advise a broad spectrum of
informs while providing reassurance...
clients, I commonly work with business owners, entrepreneurs and their other
Read full interview online
trusted advisers.
•35•
•MEET OUT MEMBERS•
Meet Our Members: Nick Kelly next minute, you can be working on something completely different. Over the years I’ve been working in the CSP industry, I’ve seen so many interesting businesses. I also enjoy hearing and learning about the jurisdictions our clients live in/do business in. I don’t do an awful lot of travelling with my role but it’s interesting all the same. I think most important of all though, my team are undoubtable the best thing. We enjoy spending time together both inside and outside of work (although we haven’t been able to do this at the moment!). Until the What do you do for Peregrine?
recent pandemic, we’d get together
I’m a director at Peregrine Corporate
once a month and do an activity of
Services and I’m responsible for
someone’s choice, taking it in turns to
the accounts preparation and tax
choose what we do – it helps the team
compliance. I have a team of five
bond and also help get to know each
staff who I manage alongside my co-
other a bit better. It has also been a big
director, Jamie McKenna – they are a
help when we’ve had someone new
great bunch of people.
join our team.
What do you love most about your
How has your business adapted in
role?
light of COVID-19?
The thing I love about the work I do, is the variety of clients we have. One
Read full interview online
minute you can be working on one client in a specific industry then the •36•
•HEAR FROM OUR MEMBERS•
Hear From Our Members
Enabling investments GlenQ on the important growth in social impact investing
Security considerations when returning to work By Andy Young at SPS
By Paul Glennon at GlenQ Read article online
Read article online
Succession planning By ILS World
BRIEFING NOTE: Tax issues for businesses By Paul Cooper at Calibrate Law
Read article online
Read article online
Prime or corporate member? Contact lucy@pcd.club to share your news or advertise. •37•
Join the Club PCD has responded to the COVID-19 crisis by augmenting our live event programme with digital marketing channels such as webinars, digital publications, private forums for members to share referral opportunities, and a member directory to provide connectivity to professionals even when unable to travel or take face-to-face meetings.
International Outlook 45% of our current members are looking for international connections.
Membership 20% Lawyers 18% Investment managers 15% Private bankers / Financial advisors 13% Accountants 13% Trustees 6% Property related 6% Currency brokers 9% Other Build long-lasting and mutually beneficial business and professional relationships as part of an exclusive club: contact members@pcd.club. www.pcd.club
#newcontacts #newideas #newbusiness