What might a Burnham government mean for UK family offices?

The UK’s new Prime Minister, Andy Burnham, has already ushered in significant change, with senior figures including Chancellor Rachel Reeves and Deputy Prime Minister David Lammy having left government as part of a day-one reshuffle. But looking at the longer term, what is a Burnham government likely to mean for family offices operating in the UK? 

While detailed fiscal plans are unlikely to emerge before the autumn Budget, analysis of the Prime Minister’s public positions on issues from taxation to privatisation reveals potential policy directions which could impact the sector over his term.

Wealth tax and capital gains equalisation

Burnham has frequently advocated for reforming the taxation of unearned income and wealth, telling campaign group members in a 2025 speech that Britain has “overtaxed labour and undertaxed wealth”. While the PM has stopped short of calling for an annual tax on overall wealth, close allies of his support reform of the capital gains tax (CGT) system – including aligning CGT rates with income tax rates and abolishing the CGT uplift on death.

For many family offices, equalising CGT with income tax rates would fundamentally alter exit strategies, private equity liquidity events, and overall portfolio structuring. A higher tax drag on capital appreciation would shift the focus toward long-term yield generation and tax-efficient holding structures. This could increase the need to recruit in-house tax strategists, wealth structuring lawyers, and estate planners. 

Property tax and real estate regulations

Campaign group Fairer Share lists Burnham as a supporter of a proposal to replace council tax and stamp ​duty on property ⁠purchases with an annual 0.48% levy on up-to-date property values – essentially a land value tax. The PM has also called for stricter regulations on vacant properties and high-end residential real estate.

High-value residential and commercial real estate has long been a core holding for UK family offices. Replacing transaction-based taxes like SDLT with an annual percentage-based asset tax on high-value properties would increase annual holding costs for prime London real estate. We may see family offices shift allocation toward regional developments, commercial logistics, or green infrastructure.

Regional devolution and the “Northern Powerhouse” 

As mayor of Greater Manchester, Burnham’s signature achievements centred on regional empowerment, integrated public transport, and localised economic hubs. As PM, he has promised the “biggest transfer of power out of Whitehall in modern times” – which is expected to lead to tens of thousands of government jobs being moved out of London.

Increased regional devolution may be a positive indicator for family offices. Those that historically focused venture and private equity capital on London and the South East could find compelling co-investment opportunities in northern innovation hubs, clean energy projects, and regional real estate developments supported by localised fiscal incentives. Capturing this growth will require specialised deal-sourcing talent: with experienced CIOs/Heads of Investment and experts in ESG/impact investing top of the list for hiring teams.

Public ownership of utilities and sustainable infrastructure

Burnham has consistently supported bringing public utilities – such as local transport and water – under tighter public oversight or public ownership, alongside aggressive net-zero targets. While on record as saying he wants to see “the essentials of life being run primarily for the public interest, not for the private interests”, he has yet to spell out the shape that would take under a Burnham government. 

For family offices with allocations in infrastructure, energy, or private debt, tighter regulatory frameworks or large-scale transfer of utilities into public ownership could significantly compress yields in traditional utility investments. However, it also creates significant tailwinds for direct investment in renewable energy, energy efficiency technology, and sustainable infrastructure.

How Victus can help

Whether you need to strengthen your in-house tax and structuring capabilities or appoint senior executives to explore emerging regional sectors, securing top-tier talent is critical. At Victus, we’ve developed long-term relationships with family offices across the UK. 

Through our personalised service and global network, we provide exclusive access to exceptional executive talent—including senior leaders not actively on the open job market. And in addition to introducing our family office clients to highly qualified professionals, we can assist in structuring the most attractive package, blending competitive remuneration with long-term incentives.

If you’re looking to fill a key C-suite or senior role to help navigate economic and regulatory shifts, contact us to discuss your requirements in confidence. You may also find it useful to review our recent publication: the Family Office Remuneration Guide (UK and Crown Dependencies).