Welcome to Bruce Sutherland & CO

The practice was founded in 1967 to provide specialist advice on share and business valuations.

We advice or act for solicitors, accountants, merchant banks or other professional advisers and for companies and their shareholders.

The range of services which we provide includes the preparation of independent valuation reports, the conduct of or assistance in negotiations with HM Revenue & Customs or other parties, informal advise on particular valuation problems and acting as expert witnesses in litigation in tax, company law, commercial and matrimonial cases.

We value shares of companies engaged in every kind of business and of all sizes from the largest independent companies and subsidiaries of multi-national groups to small companies.

We lecture regularly for training and other organisations of the legal and the accountancy professions. We also contribute articles from time to time to the professional press on share valuation matters.

Our comprehensive library includes tax, company and general law reports and financial, economic and professional publications and financial, economic and professional publications and reports.

Share Valuation

Bruce Sutherland & Co – Share Valuation

“The estimation of the value of a share in a company whose shares cannot be bought and sold in the open market, and with regard to which there have not been any sales on ordinary terms, is obviously one of difficulty. Lord Fleming in Salvesen’s Trustees v IRC [1930] The valuation of shares of unquoted companies demands specialist knowledge of the relevant law and practice and of business organisation and management. Bruce Sutherland & Co has since 1967 provided an independent specialist service in share and business valuations for tax and other purposes for which it is uniquely qualified and experienced.

Our Services

Bruce Sutherland & Co -Our Service

Our specialist service includes

  Share and business valuations for tax purposes

  • on the death of a shareholder, when IHT and CGT base cost may be relevant;
  • other re-basing for CGT purposes;
  • goodwill and other intangible assets for all tax purposes;
  • employment income, for example approved or unapproved options, outright share awards, Growth shares, JSOPs, Restricted shares; tax advantaged arrangements;
  • gifts and ten year and exit charges in trusts;
  • the purchase of own shares by a company;
  • group reorganisations and reconstructions.

We can also advise on business property relief and excepted assets for IHT.

Share and business valuations for non-fiscal purposes

  • transfers under companies’ Articles of Association and shareholders’ or other agreements;
  • re-organisation/disposals of family members’ shares for purchases of their own shares;
  • shareholder/partner disputes;
  • petitions to the Court for unfair prejudice under Sections 994 – 996 Companies Act 2006;
  • financial settlements on divorce;
  • valuations for accounting purposes, and for venture capital funds etc;
  • purchases and sales of entire businesses for Trustees in Bankruptcy or Liquidators;
  • independent reviews of valuations in connection with transactions at undervalue.

The Principals

Bruce Sutherland & Co

Bruce Sutherland CBE FCA FTII
 Founder of the business, widely recognised as a leading authority on share valuations and as a specialist in capital taxation. He has appeared as an expert witness in both tax and other cases and has lectured and written extensively on the subject. He has been a non-executive director and chairman of both quoted and unquoted companies and was formerly a partner in Touche Ross (now Deloitte). He is a founder member of the Society of Share and Business Valuers and was its chairman from 1996 to 2004.

Jenny Nelder BA FCA FTII became a partner in 1985, having joined the practice from Touche Ross in 1981. She lectures on valuations for a number of professional training organisations and for the national and local bodies of the accountancy and tax professions. She writes articles on the subject of valuation. She has been appointed as an expert in a number of cases, for tax and other purposes and has appeared in Court. She is a member of the Society of Share and Business Valuers.

Jenny Nelder [email protected]

David Bowes FTII FRICS EWI joined the partnership in 2009, having been Head of Valuations at a top fifteen Accountancy firm and, before that, a major Tax Consultancy. He was previously a senior member of Shares Valuation Division, (now Shares and Assets Valuation) of HM Revenue and Customs. He is an experienced lecturer on valuation and writes articles on the subject for the professional press. He has appeared as an expert witness in Court and the Tax Tribunal. He is a former Honorary Secretary of the Society of Share & Business Valuers, and the author of Tolley’s Practical Share and Business Valuation

David Bowes [email protected]


Bruce Sutherland & Co – Contact Details

Moreton House
GL56 0LH
Telephone: 01608 651091
Fax: 01608 651973

David Bowes [email protected]
Jenny Nelder [email protected]