UK
Ireland
Land-based family businesses; disposals of land; inheritance tax (IHT); succession planning; taxation of bloodstock; trusts.
Experience
Penelope provides advice to a wide range of clients including to other professional firms. She advises in relation to family businesses and in particular vendors in land transactions.
She looks after bloodstock clients and uses her experience in the bloodstock and sports horse industry to advise proactively. She also works in conjunction with other professional advisers in relation to non-UK residents and domiciliaries investing in bloodstock in the UK.
Notable achievements
- Restructuring a valuable family business to allow succession to the next generation.
- Structuring partnerships to take account of available reliefs for capital taxes, CGT and IHT.
- Settling numerous disputes with HMRC including, business property relief on commercial woodlands, bloodstock businesses, limitation of relief for trading losses and overdrawn loan accounts.
Professional qualifications/memberships
Chartered Accountant, Chartered Tax Adviser, Member of the Society of Trust and Estate Practitioners (STEP). Member of the Scottish Taxes committee. Institute of Chartered Accountants of Scotland.
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There were fewer changes than some feared for private equity investors and their portfolio companies, but the broad package of varied tax changes will impact everyone in years to come.
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Autumn Budget 2025: Limited tax changes specific to international individuals – for now
Following significant tax changes in the Autumn 2024 Budget, including the abolition of the non-UK domiciled tax regime, it was unsurprising that this year’s Budget contained little that will specifically impact the tax treatment for international individuals.