A large chunk of Guernsey residents are considering moving their assets out of the UK ahead of today’s Budget Statement, a survey has shown.
Canaccord Wealth surveyed residents across the Crown Dependencies days before the UK Chancellor Rachel Reeves delivers a budget which is widely expected to be painful and unpopular.
In Guernsey, around two in five of 21 respondents said they have already or are planning to safeguard their wealth or assets by moving them out of the UK.
This is despite the fact that over 80% of respondents have low exposure to taxes in the UK, but over half owned UK property and 43% held UK pension assets.
Chris Colclough, Head of Wealth Management, Canaccord Wealth said: “Clients in Guernsey are clearly concerned about the direction of UK tax policy. We’ve seen a surge in requests for advice on how to manage exposure and safeguard wealth.
“We’re on the front line of this, supporting our clients through every step of that process and it’s unfortunate that so many people feel forced into this position. Our message is clear though: planning is essential, but decisions should be measured and based on facts, not speculation.”
14 people were surveyed in the Isle of Man, and 26 people in Jersey with broadly similar trends found in each jurisdiction.