Accountants for High-Net-Worth Individuals

High-Net-Worth Individuals (HNWIs) in the UK, typically those with assets exceeding £10 million, face unique financial challenges. Recent data suggests the UK is home to around 128,000 millionaires, though this number is shrinking due to recent tax changes. At Gerald Edelman, we have spent decades guiding HNWIs through these complexities. We explore why HNWIs need our specialised support, the services we provide, and how our expertise can help you thrive in an evolving regulatory environment.

Why do HNWIs need Gerald Edelman?

HNWIs face financial complexities that demand expert guidance. From tax optimisation to wealth preservation, we provide clarity and strategy. We help navigate intricate tax laws, manage diverse investment portfolios, and offer tailored business advice. Key reasons include Inheritance Tax (IHT) planning, wealth management, and ensuring compliance with shifting regulations.

Inheritance Tax planning

IHT is a major concern, as estates in excess of £325,000 may be subject to 40% IHT. Recent changes, effective from 6 April 2025, now subject former non-domiciled individuals’ worldwide assets to IHT after 10 years of UK residency, prompting many to reconsider their UK presence. Our team structures trusts, gifting strategies, and family investment companies to minimise IHT, leveraging the seven-year rule or annual £3,000 gift allowances.

Wealth management

HNWIs often hold diverse assets, including property, stocks, or businesses. Our team aligns these with long-term goals, optimising for tax efficiency and growth. For instance, using tax-relieved investments like Venture Capital Trusts (VCTs) can reduce tax liabilities while supporting portfolio diversification.

Regulatory and tax considerations

The abolition of the non-dom regime, announced in the 2024 Autumn Budget, has reshaped HNWI planning. Non-doms now face taxation on global income after four years, with a transitional period ending in 2028. Increased National Insurance contributions for employers, rising to 15% in April 2025, also burden business owners. Reports indicate 10,800 millionaires left the UK in 2024, with projections of 16,500 more exiting in 2025, driven by these reforms. We help HNWIs adapt to such changes, ensuring compliance while minimising financial strain.

What can Gerald Edelman help HNWIs with?

We offer a range of services tailored to HNWIs’ needs. These include tax planning, wealth management, business advisory, and trust administration. We also handle self-assessment tax returns, corporate tax compliance, and international tax planning. Each service addresses specific financial or regulatory challenges.

When are these services needed?

• Annually: Filing self-assessment tax returns ensures compliance with HMRC.
• Ongoing: Business and tax advice supports investment decisions or operational efficiency.
• One-offs: Major events like retirement planning, business sales, or international relocation require bespoke strategies. For example, relocating abroad to avoid IHT on global assets has become a priority for some non-doms.

Common tax planning strategies

We support HNWIs in maximising tax-free growth through ISAs up to annual limits. Capital Gains Tax (CGT) planning, such as utilising Business Asset Disposal Relief or transferring assets to a spouse in a lower tax bracket, also reduces liabilities. These strategies require careful execution to align with HMRC rules.

How we support High-Net-Worth clients

Our services are tailored to each HNWI’s goals. Our team combines technical expertise with a personal touch, ensuring your wealth works for you. We have helped clients navigate complex tax regimes and secure their financial futures.

Case study one: International family office setup and tax optimisation

A family relocating to the UK aimed to establish a family office in London. We facilitated the creation of a UK subsidiary for their parent company, adeptly navigating restrictive home-country regulations that initially constrained capital repatriation. Collaborating with their home-country tax advisers and UK legal counsel, we designed a compliant structure to access additional funds while adhering to all regulatory requirements. The family office launched a trading business, supported by our comprehensive corporate finance and tax due diligence to optimise tax efficiency. This included managing mixed funds, trusts, asset structuring and leveraging Business Investment Relief (BIR) to minimise tax liabilities. We also structured and negotiated strategic deals, provided expert deal advisory services, and managed the subsidiary’s operations, ensuring compliance with transfer pricing regulations. Additionally, we supported the family’s children in establishing their own businesses, securing tax credits and Enterprise Investment Scheme (EIS) benefits to enhance growth. Through seamless weekly coordination with our Audit, Business Services, Tax, and Corporate Finance Teams, we managed the family’s assets and ensured compliance with double tax treaty provisions, optimising tax efficiency in a compliant manner.

Case study two: Wealth and estate planning for a UK resident

A UK-domiciled client transitioned to managing investments and a £2-3 million rental portfolio. We oversee the tax affairs of the client, their spouse, and their children, providing comprehensive estate planning and CGT strategies. We established a Family Investment Company (FIC) to optimise wealth preservation and tax efficiency. Our team tracks and manages their investment portfolios and money-lending activities, supported by our financial planners and bookkeepers. We also provide ongoing advice on structuring investments tax-efficiently and assist with HMRC enquiries, ensuring compliance and minimising tax liabilities.

If you are a HNWI looking for expert advice on how to navigate your finances in a tax efficient way, please get in touch for an initial consultation call.