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Blick Rothenberg’s new Head of Private Client says child benefit system remains broken

Child benefit tax threshold must be in line with inflation

John Bull, recently appointed the first Head of Private Client services, says that the Chancellor’s changes to child benefit in the Spring Budget are generous, but the system remains broken.

John Bull
John Bull, Head of Private Client

John said

Jeremy Hunt finally listened to the outcries from working families with his generous child benefit giveaway at the Spring Budget, but the system is still in need of urgent reform.

At the Spring Budget, he increased the high child benefit threshold to £60,000 and halved the rate at which it is withdrawn. A family of four with one working parent earning £65,000 will be almost £3,000 better off following the spring budget changes. But since the Coalition Government came into power in 2010, the same family is only £3,500 better off in 15 years, which equates to around £230 per annum. Although the Spring Budget changes are most welcomed, the new £60,000 threshold is still £7,000 short of where it needs to be had it increased in line with inflation.

The current system continues to create anomalous high effective marginal rates of tax, which can’t be right for a simple and modern tax system. For me, entitlement to child benefit should either be means tested or made universal and taxable as income. John Bull, who was previously Blick Rothenberg’s Head of US UK Private Client, has been appointed Head of Private Client to help the firm deliver their first-class Private Client service.

I am delighted to be given the opportunity to be Blick Rothenberg’s first Head of Private Client and am truly humbled to hold such a prestigious role in a firm where Private Client is a core part of the business. We have fantastic in-depth strength across our private client teams and a collaborative working environment that allows us to deliver first-class client service. I look forward to building on this in my new role while continuing to work with my existing client base.

The Head of Private Client role involves leading all aspects of Blick Rothenberg’s full-service Private Client offering. Between the firm’s US/UK and UK Private Client departments, this encompasses some 160+ people.

Working with input from the 20+ strong Partner group, I will oversee Blick Rothenberg’s Private Client strategy and go-to-market approach, both in the UK and beyond, whilst ensuring the highest levels of client service are adhered to.

John is a dual US/UK qualified Tax Advisor who joined Blick Rothenberg in August 2016. Two years later, he was promoted to Partner. He has over 17 years’ experience as a personal tax advisor, specialising in advising private clients on their US/UK personal tax issues. He works with high-net-worth individuals, their families and trustees to help them navigate a host of issues, including US tax classification, US and UK transfer (gift, estate and inheritance) taxes, and US/UK tax implications of the receipt of benefits from trusts.

John is well versed in the application of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard to privately held entities and structures. He was also one of the seven Blick Rothenberg Partners and Directors listed in the Spears 500 – ‘2022 Accountants & Tax Advisers Index’ and ‘2023 Accountants & Tax Advisers Index’.

Would you like to know more?

If you would like to discuss any of the above in more detail, please get in touch with your usual Blick Rothenberg contact or John Bull using the form below.

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John Bull 2024
John Bull
Partner, Head of Private Client
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