Number 22

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