“Let’s all move to Monaco or Jersey…”

….so say literally 90% of the clients we speak to – if the new Labour government pushes through with plans to abolish the non-dom tax status entirely.

Labour say that the current measures are too lenient and leave room for loopholes, and that their new policies will raise an additional £3.2 billion annually.

The manifesto specifies that non-doms will no longer benefit from the remittance basis, which allows them to avoid UK taxes on foreign income. And quite critically, they also plan to bring offshore trusts within the scope of inheritance tax, regardless of when the trusts were established.

But this £3.2 billion is somewhat of a smokescreen.

It’s a figure that won’t be achieved for one simple reason – those wealthy individuals will just leave the UK, significantly reducing the overall tax revenue. And when they do, it will have a huge knock on effect. Not only to the property market, but to industry, education, hospitality, and many more.

And let’s not forget that the additional revenue from these tax changes – to fund public services like the NHS and education – is central to Labour’s policy platform.

Last year, a non-dom paid £665m income tax and on average, non-doms pay 10 times as much as the average tax bill, approx £170k. It beggars belief why any government would want to disincentivise this kind of revenue topping up their depleted coffers. You can buy a lot of ambulances with £665m! 

We’ve heard from a private banker whose firm had 9,000 calls from clients thinking about moving abroad after hearing the news. A staggering number.

The Institute of Fiscal Studies have emphasised the need for more detailed plans to ensure these measures don’t negatively impact the UK’s attractiveness for investment.

Financial advisers that we’ve spoken to are worried about the transitional provisions and the impact on existing non-doms. Without knowing the full details of Labours plans, there is genuine fear that people will rush into making decisions around their location and finances – hoping to mitigate the impact of the proposed changes.

Our friend Tim Searle TEP – a leading tax and insurance advisor based in Dubai – has these words of advice for anyone looking to jump quickly:

“It’s important for non-dom investors to understand their position now and what it is likely to be post election with little time left before April ‘25 if any significant protection or restructuring is to be implemented. It is evident that this is a serious fiscal cat among the pigeons and advisory are likely to be swamped if it is left to the last minute. Clients need to engage their tax advisory, realtor, lawyer, fiduciary and insurance specialists to secure a clear way forward.”

Everyone’s talking about Daniel Daggers. But most people are missing the point.

Buying London. The new Netflix show about super prime agency DDRE Global, described as ‘probably the most hateable TV show ever made’ by one British newspaper.

It seems like the entire property industry has an opinion about it.

But the vast majority of comments seem to focus purely on the UK perception and viewpoint.

This show is made primarily for an international audience, not a UK one. It’s focus is to appeal to people that are interested in the super prime London property market – in the same way that they did with Selling Sunset in LA (made by the same producers). It’s why every location is crudely signposted with street signs and maps to make it abundantly clear where it sits in relation to the centre of London.

And so it opens DDRE up to a huge new potential global client base.

Without spending vast sums on paid media and advertising.

Unlike the vast majority of the prime property industry, Danny understands the vital importance that a strong brand, astute marketing strategy and high quality social media content plays in building a business. In reaching the right people. In creating awareness. In selling the dream.

That’s why his team (that clearly love him) isn’t just made up of Advisors. There’s also a diverse group of Content Creators. Videographers. Broadcasters. Social Media & Marketing Managers. It’s a structure more akin to a luxury goods brand – and it stands apart from the traditional property agency approach. It’s why the new boutique advisory firms like Harwood and DDRE are stealing a march on the more established players.

Harwood Advisory have done our own international deals – particularly in the US, working alongside key local agents that we know and trust incredibly well. Building and nurturing those relationships takes time. I worked with Danny for over a decade at Knight Frank. We grew up in the industry together.

I have a huge amount of respect for him and all that he has built since then. I’m certain that he won’t care in the slightest about most of the people in the UK passing comment about his team. In fact, he’ll be revelling in it. The world has become smaller. Everyone is interconnected. And whether a reaction is positive or negative, all this publicity can only be a good thing. Hats off to Danny for doing something that’s never been done before. Pushing the envelope is sometimes uncomfortable, but necessary in order to move an industry on.

Onwards and upwards.

Watch our video below for a sneak peak of the views from the best penthouses in W8.

Sitting atop the highly sought after Sheffield Terrace, Academy Gardens and Thornwood Lodge in The Royal Borough of Kensington & Chelsea.

All incredibly different, with their own unique qualities and history. Each boasting over 4,500 sq.ft of lateral living. With the most phenomenal views, and bathed in natural light.

Harwood are very proud to have these mandates, not least because we get to soak in the views that very few people are privileged to see.

By all means get in touch with Sami Robertson, Ollie Blakelock or Anna Lazenbury to find out more, or arrange a viewing.