PBI looks at the year ahead and asks, what will be the biggest changes to private banks and their clients? The final in our Private Banking Predictions 2019 looks at opinions on Brexit and domicile in 2019. You can read the first in this series, on markets and investments, here  and the second, on philanthropy, here. 

Lisa Cornwell, director at PwC

More enquiries being opened by HMRC

“Conversation in 2019 will continue to be dominated by the spectre (and reality) of Brexit and the associated risk of a change in government in the UK. For high net worth individuals, this means serious discussion about where to base themselves and their businesses in the future, as well as whether it makes sense to diversify assets to different jurisdictions.

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“A knock on effect of the political uncertainty is the ongoing volatility of currency markets – this will have a real impact on individuals managing tax liabilities in multiple jurisdictions and consideration should be given to when best to convert money and/or take tax credits.

“Finally, the deluge of information exchanged under CRS will lead to more enquiries being opened by HMRC as they seek to understand historic non-UK activity as well as a continuing focus on those claiming non-domicile status in the UK.”

Matthew Hudson, CEO of MJ Hudson

Fund managers that pause for a Brexit break will find themselves playing catch-up

“Exodus from The City is a threat, not a reality. In or out [of the EU], London is a leading centre for asset management with good reason.

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“Personally, I do not foresee any European country having the ability or infrastructure to ensure a damaging asset management migration from the UK. It will take a generation to shift the unparalleled infrastructure of systems, people and laws that have made the City the global leader. We do not anticipate a meaningful exodus from the London asset management industry.

“Fund managers that pause for a Brexit break will find themselves playing catch-up. We anticipate passporting will remain in place during a transition, but not if there is no transition, when they will fall away. Using a hybrid Lux-London platform can remove the issue, entirely, of course, meaning that fund managers can proceed as planned.”