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A high net worth individual is a person to which at least one of the following applies:
- I had, throughout the financial year immediately preceding the date below, an annual income to the value of £100,000 or more. (Annual income for these purposes does not include money withdrawn from my pension savings (except where the withdrawals are used directly for income in retirement)).
I held, throughout the financial year immediately preceding the date below, net
assets to the value of £250,000 or more. Net assets for these purposes do not
- the property which is my primary residence or any money raised through a loan secured on that property; or
- any rights of mine under a qualifying contract of insurance within the meaning of the Financial Services and Markets Act 2000 (regulated Activities) Order 2001; or
- any benefits (in the form of pensions or otherwise) which are payable on the termination of my service or on my death or retirement and to which I am (or my dependants are), or may be, entitled;
A sophisticated investor is a person where at least one of the following applies:
- I am a member of a network or syndicate of business angels and have been so for at least the last six months prior to the date below;
- I have made more than one investment in an unlisted company in the two years prior to the date below;
- I am working, or have worked in the two years prior to the date below, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises;
- I am currently, or have been in the two years prior to the date below, a director of a company with an annual turnover of at least £1 million.