Globally Speaking July 2025

As we move into the second half of the year, the UK’s private wealth landscape remains in flux. With a potential watering down of the “non-dom” tax reforms being quietly floated due to concerns over a potential shortfall in public finances driven by behavioural responses, clients and advisers alike are watching closely for signs of a shift in policy direction. All eyes are also on Legislation Day on 21 July, when we expect the government to publish draft clauses for the next Finance Bill. It is possible that these may include the long-awaited draft legislation that may finally clarify the future of inheritance tax reliefs for agricultural property (“APR“) and business property (“BPR“), although this has not yet been confirmed.

In this diverse issue of Globally Speaking, we explore key structuring considerations for UK property acquisitions from a UK tax perspective — weighing up personal versus corporate ownership — and examine the implications of Shari’ah law for heirs of affected cross-border estates. We spotlight the role of family investment companies in long-term wealth planning, and reflect on the growing emphasis on responsible stewardship as a guiding principle for succession and legacy.

Whether you are navigating legislative uncertainty, advising globally mobile families, or planning for generational transition, this issue offers timely insights and practical guidance from our international team.

I hope you enjoy the read.

In this issue…

• Responsible wealth stewardship: protecting wealth with purpose – responsible wealth stewardship is a principle that wealth should be managed not just with care — but with conscience. It is about aligning financial planning with values like sustainability, legacy, and purpose. In this article, we explore how families can embed these values into their estate planning. Wedlake Bell are proud to have contributed to STEP’s new Responsible Stewardship Toolkit, offering practical legal guidance on how to protect wealth with purpose.
• UK property ownership: personal vs corporate – what is the tax impact? If you are considering buying property in the UK, the decision to purchase as an individual or through a company can significantly impact your tax obligations. Our latest article explores how your choice affects purchase taxes, capital gains, and inheritance planning — helping you make the most informed and financially sound decision.
• Why should entrepreneurs consider a Family Investment Company (“FIC”)? FICs are gaining traction with entrepreneurs and businesses owners who are often looking to preserve and grow wealth across generations, as they offer a compelling alterative to trusts and traditional holding structures. In this article, we explain what a FIC is and what entrepreneurial clients should weigh up when considering one.
• Heirs in Islamic law – when an individual’s estate is subject to Islamic succession law, it is essential to understand how heirs are classified to ensure assets are accurately distributed. This article explores the classification of heirs under Islamic succession law — Qur’anic heirs, agnatic heirs, and uterine heirs — and how these categories affect how an estate devolves.

Jurisdiction focus: the Channel Islands

The Channel Islands remain a key jurisdiction for international private clients, offering a compelling combination of tax neutrality, political stability, and sophisticated fiduciary services. However, the region is also navigating heightened global scrutiny, with increasing pressure from international bodies to enhance transparency and align with evolving regulatory standards.

Recent developments — such as the OECD’s ongoing reviews of offshore jurisdictions and the UK’s tightening of disclosure requirements — have prompted clients and trustees to reassess how they structure and manage cross-border wealth. Despite this, Jersey and Guernsey continue to attract high-net-worth individuals and families, thanks to their favourable tax regimes (including no tax on capital gains, inheritance, or wealth, and a flat 20% income tax rate for residents) and well-established legal infrastructure.

Wedlake Bell’s Private Client team works closely with Channel Islands-based fiduciaries to deliver bespoke, compliant solutions for internationally mobile clients. Our work spans the establishment and governance of private trust companies, multi-jurisdictional estate planning, and UK tax advice for non-domiciled individuals. We visit the Channel Islands regularly to maintain strong relationships with local intermediaries and ensure seamless collaboration on client matters. This on-the-ground presence, combined with our deep understanding of both UK and offshore legal landscapes, enables us to support clients in navigating complexity with confidence.

If you would like to know more about how we support clients in the Channel Islands or any other jurisdiction, please contact us.

In the press…

• Wedlake Bell’s Private Client team are delighted to have been shortlisted for the STEP Private Client Awards 2025. The team have been listed for Private Client Legal Team of the Year for midsize firms. Read more here.
• The Citywealth Leaders List has once again featured Wedlake Bell’s Private Client team. This recognition reflects our team’s dedication to delivering exceptional service across private wealth law, tax, trusts and estate planning. Congratulations to our 12 listed lawyers. Read more here.
• Senior Partner Camilla Wallace has written for FT Adviser on rumours that the government is reconsidering its non-dom tax reforms and whether any form of U-turn will come too late to stop the outflow of wealth and talent from the UK. Read more here.
• Partner George Merrylees and Senior Associate Andrew McIntyre were published in eprivateclient discussing the carried interest tax reforms and why private equity executives are leaving the UK and relocating to Milan, Italy. Read more here.

Meet the team:

1. 

   • Matthew Braithwaite

   • Partner
   • Private Client

   Visit Matt's profile

View the whole team