What is a high net worth individual?
HMRC generally considers someone with assets exceeding £2 million or a six figure income to be a high net worth individual (HNWI).
Terms such as mass affluent and ultra-high net worth are commonly used within the financial advisory sector. ‘Mass affluent’ generally refers to those with £100k–£1 million in disposable wealth or investable assets. Those with £ 10 million+ of assets are classed as ultra-high net worth individuals.
If you fall into any of these categories, you will likely benefit from Butt Miller’s specialist tax advice and strategic planning. Contact us today to get started.
Why does a high net worth individual need a tax accountant?
As your wealth grows, so does the complexity of your tax affairs. Without expert guidance, it’s easy to miss opportunities to save money or fall foul of tax regulations.
As a HNWI, our expert tax team can play a crucial role in helping you to:
- Structure your affairs in the most tax-efficient way
- Protect family wealth across generations
- Remain fully compliant with HMRC requirements
- Plan for significant life events such as retirement or the sale of a business
When you partner with Butt Miller, you will be allocated your own personal tax manager — someone who understands your financial position and works closely with you to achieve your goals.
Our HNWI accounting services
Our highly skilled and experienced team of chartered accountants can help to protect and manage your wealth with the following services.
High net worth wealth planning and protection
Whether you are building wealth, managing existing net assets, or planning for the future, smart financial planning can make a significant difference.
We’ll help you structure your wealth to reduce exposure to Income Tax, Stamp Duty and Capital Gains Tax (CGT). That might involve adjusting how you hold or transfer property, assets or shares, or using tax-efficient vehicles such as pensions or trusts. We can also advise on how to separate business and personal finances effectively, ensuring both sides work in harmony.
High net worth estate planning
Estate planning is about more than just writing a will — it’s about securing the future of your family members, minimising their tax exposure, and ensuring that your wishes are respected.
We provide inheritance tax planning services, including advice on lifetime gifting strategies and trusts. We can help plan around the residence nil-rate band and identify reliefs and exemptions. By taking action during your lifetime, you can preserve more of your estate for your loved ones and avoid unnecessary tax issues.
Investment portfolio advice
A well-balanced portfolio of investments is key to long-term financial security. To grow your wealth, we will help you understand the tax implications of your choices.
We work alongside your investment advisers and fund managers to ensure tax planning is built into your financial strategy.
This means considering:
- Capital Gains Tax when disposing of shares or property
- Income Tax on dividends or interest
- Appropriate use of ISAs, pensions and other wrappers
We’re happy to work as part of your wider advisory team, ensuring all angles are covered when it comes to your investments and tax strategy.
Tax-friendly investments for high net worth individuals
Certain investments offer attractive tax reliefs, including:
- ISAs
- Premium Bonds
- Pension funds
- Venture Capital Trusts (VCTs) – up to 30% Income Tax relief
- Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS)
These schemes carry various conditions and risks, so it’s important to take advice before investing. We’ll help you assess which options are appropriate for your risk appetite and personal circumstances.
High Net Worth Inheritance Tax (IHT)
Inheritance Tax is charged at 40% on estates over the £325,000 threshold. This hasn’t changed in years and, due to rising property prices, more estates are falling into scope — even those of people who wouldn’t see themselves as high net worth.
We help clients use lifetime gifts, exemptions, business relief and trust structures to reduce IHT exposure. Planning early is the key to valuable savings.
High Net Worth Capital Gains Tax (CGT)
CGT is paid on the profit you make when selling or gifting assets such as shares, investment property or valuable possessions. The 2025/26 tax year sees the annual exemption reduced to £3,000 for individuals, meaning more high net worth individuals are likely to be affected.
Rates vary depending on the asset type and your Income Tax band — typically 10% or 20% for most assets, and 18% or 28% for residential property.
Our expert team can guide you through CGT planning, ensuring your tax liabilities are managed efficiently and in line with current tax law. We help clients plan disposals to minimise tax, make use of losses, and structure investments for long-term tax efficiency.
We can also advise on asset transfers between spouses, and explain the implications of gifting or selling high-value assets.
High Net Worth personal taxation for high net worth individuals
HNW individuals often have multiple income streams — salary, dividends, rental income, interest, overseas income — all of which must be declared and managed carefully.
We’ll ensure your tax returns are accurate, submitted on time and take advantage of all available allowances. For those earning over £100,000, we can advise on mitigating the loss of personal allowances and the effective 60% tax band.
If you are a non-UK resident or non-UK domiciled individual, we also provide specialist guidance on cross-border taxation and the remittance basis.
How Butt Miller can help high net worth individuals
As experienced accountants for high net worth individuals, we understand that trust, discretion, and clarity are paramount.
Our high net worth clients include company directors, successful entrepreneurs, investors, property owners, and individuals with inherited wealth. They rely on us for accurate, timely and tailored advice, and we take that responsibility seriously.
You’ll receive proactive advice from your own dedicated personal tax manager, backed by an experienced team who understand the bigger picture. Our goal is always to keep your tax affairs compliant, efficient and under control — giving you peace of mind and more time to enjoy your success.
Please don’t hesitate to get in touch with the Butt Miller team to discuss how we can help. Your first consultation is, of course, confidential and without obligation.
FAQs – Tax accountants for high net worth individuals
What is the difference between will planning and estate planning?
A will sets out how your estate is distributed upon your death. Estate planning is broader — it includes steps taken during your lifetime to manage and reduce Inheritance Tax, such as making gifts or setting up trusts.
How do you ensure confidentiality and discretion?
At Butt Miller, confidentiality is a core part of our service. All client information is handled with the utmost care and in full compliance with data protection regulations. We take the time to build trusted relationships, so you can speak openly, knowing your affairs are in safe hands.
