Working closely with your accountant, banker and land agent helping to ensure a smooth transition of the family farming/landed estate business from one generation to another by navigating the potentially choppy waters of your own personal fiscal and family circumstances in a practical and commercial way.
Philip is a private client partner who acts for a large number of farmers, landowners and high-net worth individuals. He has particular expertise in advising on succession planning and the structuring of farm businesses. His approach is to give practical and workable solutions to clients taking into account their circumstances and particular needs and wishes. He deals will all aspects of Wills, capital tax planning (including advice around issues relating to Agricultural Property Relief and Business Property Relief), trusts, heritage assets, probates and farming partnerships; advice which requires a high level of technical knowhow combined with commercial acumen.
Philip is a Fellow of the Agricultural Law Association, a member of the Country Land and Business Association and ranked in Legal 500, Chambers High Net Worth Guide and Spear’s 500. He regularly lectures nationally to professionals on capital taxation, Wills, trusts and farming business structures. As well as being on the editorial advisory board for Farm Tax Briefing and a contributor to Stanley’s Taxation of Farmers and Landowners he has written a book entitled A Practical Guide to the Law of Farming Partnerships.
Outside work, he enjoys gardening and antique collecting and lives in Dorset with his wife, Alison.
How Philip can help you
Philip’s expertise includes the preparation of Wills and trusts to preserve family wealth as well as dealing with all aspects of farming partnerships. He is a trustee on a large number of trusts for clients and works closely with investment managers and accountants to give the best solutions for his clients.
He is often asked to advise on the availability of Agricultural Property Relief and Business Property Relief for inheritance tax and how to improve their availability for clients or the approach to be taken when dealing with the administration of an estate on the death of the landowner.
Philip has a particular expertise in advising families on succession planning, taking time to understand the client’s circumstances, requirements and wishes.
- Dealing with the administration of a large farming estate and continuing trusts including advising on the ongoing restructuring of the business, the availability of Agricultural Property Relief and Business Property Relief and guiding the family to ensure a smooth transition of the property and business from one generation to the next.
- Advising and subsequently restructuring a business which included land with development potential to help mitigate the capital gains liability on sale.
- Reviewing an existing farming partnership arrangement and preparing a new one to include land capital accounts and ensuring that it was fit for purpose.
- Advising and implementing a smooth succession of a landed estate from one generation to the next whilst mitigating the potential inheritance tax and capital gains tax liabilities.
- Advising on a complex series of trusts, the duties and obligations of the trustees and reporting on ways to simplify the structure to ensure it is fit for purpose into the 21st century.
He is very good, especially on the agricultural and estate side of things
Chambers High Net Worth 2023
Philip Whitcomb is in a very small elite in the UK who can advise across farm partnership issues and taxation
Legal 500 2023