Service

The study found that the industry is failing to assess and respond to client views on tax, with the industry assuming client values and intent. For clients who do manage to communicate their values, there is a failure to translate values into appropriate services. The report calls for the creation of a Tax Citizenship Assessment Tool to help private clients assess tax pride and citizenship. The tool will help facilitate an understanding of client tax values and how they can be translated into products and services.

Culture

The report highlights that the private wealth industry has a strong anti-tax culture impacting client services and communications. This industry also uses homogenous ‘anti-tax’ language in its communications, and there is a lack of effort to understand clients with diverse attitudes towards taxation. Private wealth industry practices should prioritise understanding clients to provide suitable service rather than default to pushing anti-tax behaviours. The report recommends creating a Tax Neutral Language Pledge to depoliticise industry language. The pledge aims to improve client experience, restore trust, and foster greater political neutrality.

Client failure

Private clients with tax-positive views are being failed by the sector’s professional service providers and face active resistance when exploring more equitable approaches to civic duty. The report suggests there is a failure in the transference of values into services and a lack of adequate tools to assess client values. The report calls for a broader conversation about professional standards, civic duty, and the role of private wealth professionals that support societal objectives of service. In the short term, we recommend that private wealth advisers, through their advisory remit, make simple and practicable solutions for clients who are interested in highlighting tax as a positive community obligation of wealth.

Staff

The report observes that the current ethical ‘norms’ in relation to tax imposed a cost upon industry personnel, stakeholders and customers. Better transparency in relation to tax would enable personal professional development for staff, increase the industry’s versatility, and help retain/supply talent.

Politics

The extensive research found that the industry’s political leanings in relation to tax were informing government lobbying, and the sector as a whole was guilty of advocacy work against taxes on wealth. The report calls for the establishment of an industry body that provides comprehensive insight and information about tax practices to HMRC, government, and policy makers. The dedicated body should not involve the disclosure of individual client information but instead support policy-makers in adjusting legislation that upholds equitable social contracts.

Conclusion

The report calls for the private wealth industry wider service providers to recommit to social goals and amend current practice. Key recommendations from the report include creating a Tax Citizenship Assessment Tool, Tax Neutral Language Pledge, and the establishment of an industry body appointed to advise HMRC, government, and policymakers. Such changes are essential to the industry’s credibility and are consistent with client preferences, IPC’s existing ethical guidelines and modern operating expectations. Effective tax practice can ensure policy works for wider society as intended—supporting civic duty, ethical investment, and helping create straightforward services that affirm the relationship between personal wealth and public obligation.