eprivateclient quotes Harriet Betteridge, Hannah Catt, Gregoire Uldry and Alex Reid on 2026 predictions in the private wealth space
2026 promises to be another eventful year for the private wealth sector. With ongoing tax reforms and rising global mobility, specialists are closely watching for shifts that could impact both clients and advisers.
Among the key areas of focus are potential changes to the tax landscape, including increased scrutiny from HMRC around inheritance tax (IHT) returns.
Harriet Betteridge, Private Client Partner, comments:
Over the past few years, there's been a rise in compliance checks at the point at which IHT returns are submitted, particularly on lifetime gifts and real estate valuations.
"With restrictions to Agricultural and Business Property Relief (APR/BPR) coming into effect from April 2026, I anticipate that HMRC will pay even closer attention to claims made on or after that date - both for estates and for lifetime planning involving trusts. Valuations will likely face greater challenge, and eligibility criteria will come under sharper review. Given the steady rise in IHT receipts over the last 15 years, with receipts in 2023-24 at £7.5bn and a predicted £9.1bn for the current tax year, this area will remain a key focus for HMRC in the year ahead.
Similarly, Stamp Duty Land Tax (SDLT) will continue to provoke discussion in 2026, although Hannah Catt, Senior Associate in our Private Property team, does not believe that any “major changes” are imminent.
SDLT raises significant revenue, and any overhaul would likely result in a significant loss of upfront revenue for a transitional period that the government may be reluctant to absorb in the short term. With the High Value Council Tax Surcharge now being introduced, a large-scale valuation exercise is required, which will be a significant, and costly, undertaking. The hope is that the government will at least wait to see how that plays out before considering further reforms.
Recent fiscal policy adjustments have also influenced relocation trends. Many UHNW individuals have chosen to leave the UK following changes such as the abolition of non-dom status.
Switzerland, for example, remains a popular choice. Grégoire Uldry, Partner in our Geneva office, emphasised the country’s “long-standing political neutrality and stability, strong legal and tax systems, and deep, multilingual talent pool” as key factors contributing to the its appeal.
Alex Reid, Partner in our Dubai office, also observes that as the global population of UHNWIs becomes more diverse, we’re seeing the Middle East emerge as a “serious challenger to traditional wealth management hubs."
There is a clear uptick in inter-jurisdictional competition, with regional centres like the Abu Dhabi Global Market, Dubai International Financial Centre and Qatar Financial Centre positioning themselves as destinations of choice for family offices and global HNWIs.
"These centres are capitalising on a period of significant generational wealth transfer, offering robust regulatory frameworks, tax advantages, and a pro-business environment. Unlike previous decades - where the location of wealth creation and wealth preservation were often separated - we are now seeing a growing number of international clients choosing to base their holding structures in the region itself. This shift reflects not only practical advantages, but also broader ethical, cultural and religious considerations.
"Taken together, this marks the rise of the Middle East as a leading global hub for wealth management.
Read the full piece in eprivateclient here.
