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.
Article
Death and taxes: The Autumn Budget and reform of inheritance tax
Recent inheritance tax revenue commentary from HMRC sheds light on who would be the biggest winners and losers from proposals for a flat 10% death duty. It’s a tax rise that would work for the wealthy.
