YOUR MONEY
VisitScotland data shows that, out of a total of 12.7 million tourist visits by UK residents within Scotland in 2012, 2.9 million were to Edinburgh and the Lothians, and 2.2 million were to Glasgow and the Clyde Valley, while the huge Highland region drew just 1.8 million and Perthshire a mere 846,000. A similar picture emerges from surveys of
‘The splendour of the scenery deserves continuous and sustained global marketing to a young generation unfamiliar with what Scotland can offer’
overseas visitor footfall. Out of a total of 2.2 million overseas tourist trips to Scotland in 2012, no fewer than 1.3 million were to the Edinburgh and Lothians region, with Glasgow and the Clyde Valley drawing 597,000. The Highlands attracted a relatively tiny 385,000 visitors and Perthshire just 115,000. When it comes to tourist spend, Highland
hotels and visitor attractions seem to do relatively better. Of the £2.9 billion spent by UK tourists in 2012, Edinburgh and the Lothians accounted for £772 million, the Glasgow area for £386 million, with the Highlands drawing £393 million, Aberdeen and Grampian £259 million and Perthshire £150 million. Hotel bookings and tourist visits outside
Scotland’s urban conurbations are critically dependent on events, ‘destination attractions’ and VisitScotland marketing to pull visitors from the capital. The splendour of the scenery and the incomparable appeal of our lochs and glens deserves continuous and sustained global marketing, aimed particularly at a young generation that may be unfamiliar with what Scotland can offer. Here the service quality of our hotels, as
much as the range of outside activities on offer, can greatly assist in making a lasting impression
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and securing repeat visits. As my colleague Alan Cochrane has demonstrated in his column elsewhere in this magazine, there are still too many baleful B&B dramas each year. That said, improved service range and
quality, and the assiduous cleaning, polishing and cushion plumping can only do so much when international economies, particularly the eurozone, have been struggling with prolonged recession, high unemployment and pressure on household incomes. Tourist visits – whether from the rest of the UK or elsewhere – closely reflect the economic cycle. But there are some truly hopeful signs for
the 2014 summer season. This year should show an advance on 2013, given the clutch of major events set to draw visitors from around the world: the Commonwealth Games, the Ryder Cup, the 700th anniversary of the Battle of Bannockburn and a host of events linked to the second Year of Homecoming. And for these, last year’s experience provides
an encouraging springboard. The BDO figures, says Alastair Rae, ‘are strong grounds for optimism for 2014 as the economy recovers and positive consumer sentiment is restored. ‘It is likely that this will be sustained for the
coming year and Scotland’s hotel sector will have another excellent year. Those in the sector who have come through the recession must be giving out a resounding sigh of relief that the worst is over.’ Let’s hope that this is the case, and that
2014 will provide further impetus for a marked and sustained improvement in the fortunes of Scotland’s hotels.
Q: After my death, can my will deal with everything I own?
A: Quite possibly not. A will is certainly the starting point, because without one your estate will pass, on death, according to the law of intestacy, which occasionally produces curious results (for example, brothers and sisters may inherit more than a surviving spouse) as well as unnecessary tax and additional expense. It is estimated that six out of ten adults do not have a will. Making one is a good start, but often it is only a start. There are a number of situations where important and valuable interests can pass to beneficiaries without reference to your will; or where other arrangements may supersede what is said in your will. First, you may have entered into contracts with others in which you have agreed
that you will (or will not) leave your assets in certain ways. Partnership and shareholder agreements may contain specific provisions to that effect. Sometimes, where an asset is jointly owned with another person (which is often the case with houses), the way the title is worded can mean that your share will pass to the other owner(s), irrespective of the terms of your will. You may have assets in different jurisdictions that dictate what must happen to the asset on death. Moreover, in Scotland, a form of forced heirship means that regardless of what your
Mark Stewart, Partner
Private Client Team at Brodies LLP Email:
mark.stewart@
brodies.com Tel: 01224 392282,
www.brodies.com
YOURSF
TO HAVE YOUR QUESTIONS ANSWERED EMAIL THEM TO
EDITOR@SCOTTISHFIELD.CO.UK
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WWW.SCOTTISHFIELD.CO.UK
will might say, a surviving spouse and children have fixed interests in your estate and may receive a share of your assets. To manage these points you may need professional succession planning advice. It is also important to consider certain payments that may be triggered by your death – for example, benefits under a pension or a ‘death in service’ policy provided by an employer. Often these payments are paid at the discretion of scheme trustees who may or may not follow what has been written in the will. Again, professional advice can help to pass these payments to your chosen beneficiaries. So, having a will is important – but sometimes it is not sufficient to ensure that your assets are distributed as you wish.
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