“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.
We have been delightfully poring over the news that Garden Lodge, the home of the legendary Queen frontman Freddie Mercury is going on the market with Thomas van Straubenzee at Knight Frank for £30million+.
Having been lovingly taken care of by his former fianceé and close friend Mary Austin for 30 years, the property has remained untouched from the time that Freddie lived there. He originally paid £50,000 for the Neo-Georgian mansion in 1980 and stayed there until his passing in 1991.
The area in which it sits – a quiet enclave of Kensington is a very familiar one to us at Harwood. A mere 10 minutes walk away is the house in Holland Park recently sold by Freddie’s lead guitarist, Brian May. And just around the corner is the Phillimore Estate – where the Queen drummer Roger Taylor owned a home for many years.
It is also the area once frequented by Willie Robertson, Sami’s father. A legendary insurance executive for the entertainment industry, he virtually single-handedly created insurance cover for entertainers in the 1970s, when he introduced non-appearance and equipment cover for rock’n’roll bands. Queen were a long-standing client of his international insurance company Robertson Taylor (now acquired by Tysers).
He was a firm believer in doing business over lunch – and one of his favourite local restaurants was the glorious Maggie Jones, where he spent many a long hour.
Clients loved Willie because he was always there for them. When Rod Stewart dislocated a toe and cancelled a series of American dates, he flew out on Concorde and persuaded the insurance company to pay up. When Pink Floyd floated a huge helium-filled pink pig over Battersea Power Station to shoot the cover of their 1977 album Animals, fortunately they had insured the session. The pig broke loose and was finally shot down by a farmer in Kent, but not before a pilot coming in to land had reported seeing a flying pig.
Trusted by most of the biggest rock bands of all time, Willie also provided insurance cover for The Who, Led Zeppelin, King Crimson, Roxy Music, T-Rex, Rod Stewart, Pink Floyd, Michael Jackson……and even Pope John Paul II.
Many of the values that Harwood are built on are inherited from Willie Robertson. From his obituary in 2011:
“Willie rarely got stressed by his work. He was never off-duty. He was a loyal and close friend to his immediate circle, most of them dating back to schooldays. And like many busy people, he always took on more.”
Onwards and upwards.
Harwood Advisory is delighted to share that Ollie Blakelock, the respected prime property professional, has joined Harwood as a Senior Consultant.
Ollie joins Harwood as it celebrates achieving £300million of transactions in 4 years, a testament to the approach of Sami Robertson and the commitment of the Harwood team.
Harwood’s ability to flourish during the market’s overall downward cycle reflects Harwood’s success in winning the trust of clients, domestic and international, harnessing the power of other selected market participants, and relentless focus on quality. Sami’s passion for quality covers the whole transaction life cycle; no details is too small. It is this passion which led to Ollie joining Harwood. His well-deserved reputation in the market, his knowledge and contacts make him the perfect fit.
Sami stated: “Ollie embodies the attributes that make Harwood stand out in this market. He is the consummate professional, he is widely respected by both buying and selling agents, recognised for his market acumen, and held in high esteem for being diligent, straightforward and incredibly likeable. Ollie’s arrival will ensure Harwood remains in the fast lane”.
Now that Ollie has joined Sami, Anna, and Susannah at Harwood, its Onwards and Upwards trajectory will continue to accelerate.
Absolutely delighted to be featured in PrimeResi as we complete the sale of the most incredible penthouse apartment in Academy Gardens.
Thanks to PrimeResi Journal for a fantastic feature – which really does showcase this remarkable 3,125 sq.ft property that sprawls across the fourth and fifth floors of the converted Grade II listed building on the Phillimore Estate.
This sale now means that Sami has sold 22 of the 67 apartments in Academy Gardens, having been consulted on most of the others.
The client added “We instructed Sami to sell our London apartment which had been on the market without success. Sami revitalised the process with fresh vigour, a fresh approach and great energy. He achieved a sale in a short period and at a great price.”
Singapore has been a big part of our professional journey.
Building friendships and connections that have endured for decades (in some cases).
Some unbelievably successful people. Each with their fingers very firmly on the pulse of the international property market.
So to be recognised in Asia Tatler this month is a proud moment.
This article showcases not only the Harwood team, but also two of the landmark properties that we have been introducing our Singapore clients to in our most recent visit. Namely the most exquisite, 9 bedroom villa in the heart of Holland Park. Which is hands down, one of the most significant sales we’ve ever been involved with. And a number of luxury apartments in Academy Gardens, Kensington.
To be able to present such remarkable properties to these discerning individuals is something we never take for granted. But to match these properties to the right people – allowing each to begin their next chapters – especially when the starting point is 7,000 miles away, is an absolute privilege.
Thank you to everyone at Tatler Asia for featuring us this month. It really is an honour.
We’re immensely proud of our Track Record. It’s testament to 3 years of hard work, and fantastic relationships.
Thanks to our incredible clients. Your faith in us has meant so much.
Thanks to all of our partners and collaborators. Your counsel, conversations and solutions have helped us in so many ways.
One thing we always remind ourselves is that there’s room for everyone. The large, multi-national agencies CAN work in harmony with the smaller boutique firms. We’ve proven that on a number of occasions.
Ultimately – people buy from people. And that won’t ever change.
Here’s to Year 4.
Onwards & Upwards
March/April 2023
NEW LISTING > GORDON PLACE, LONDON W8
Working alongside Stroud Fuller Lurot, we are incredibly proud to introduce this charming and exceptionally light five bedroom period family house along a wonderfully quiet and leafy street in Kensington, W8.
This is a spacious and well laid out home on the corner of Gordon Place – over 3,000 sq.ft in size, with a wonderfully secluded front and rear patio garden, as well as a private off street parking space, garage and under pavement vaults.
With three reception / family rooms, the triple aspect windows provide an abundance of green views from almost every angle, this end of terrace house is ideally positioned – almost equidistant from both Holland Park and Kensington Gardens.
Gordon Place, London, W8.
3,044 sq.ft (inc. vaults)
5 Bedrooms
Front & Rear Patio Garden
Off Street Parking & Garage
Price: On Application
Thanks to everyone at Country & Town House for the superb feature.