The power of gifting is all around us in Aberdeen if we take a little longer to stop and look. Substantial gifts from individuals during their lifetime, on death and from Trusts that we all benefit from.
Duthie Park is named after Lady Elizabeth Crombie Duthie who gifted the land to the City back in 1880. It was decided that the park should “have a broad expanse of grassy sward upon which the young might indulge in innocent frolic and play...", which we still see today. On Maberly Street there is a blue plague to Lady Duthie, marking the now block of flats which used to be her home. Johnston Gardens with its Insta famous blue bridge was again a gifted to the City but later in 1936.
These beacons of calm are the direct result of philanthropic gifts. You too can make such gifts to benefit your community, such as by establishing a Trust which could provide for the betterment of the City’s residents or for your family long after you are gone.
Take a wander around Aberdeen Art Gallery and you see in many exhibitions such as that of James McBey, ‘Artist Adventurer’ that the artworks have been donated by individuals or Trusts. There are Inheritance Tax incentives to donating individual pieces of artwork just as there is for items left to charity on your death.
Gifting is positively promoted as these local examples outline. Individuals have an annual gifting allowance of £3,000, £250 for small gifts, the ability to make gifts in contemplation of marriage and gift their excess income (think low spender, high income).
Here at Burnett & Reid we are able to advise on how you can best apply these rules to reduce your Inheritance Tax liability and best provide for your family.
You may wish to set up a charity that can help the community, through providing grants, paying fees or providing scholarships to young & old students.
A unique vehicle for the management of assets; for succession planning for families, the establishment of charities and provision for vulnerable beneficiaries.