YOUR MONEY Dr Warnock, senior lecturer in microbiology
‘Rich in anti- oxidants, sea buckthorn has the potential to be truly a Scottish superfruit’
at QMU, says: ‘Some Eteaket black teas have a high caffeine level but tea enthusiasts might be surprised to learn that it is those teas that also have a high antioxidant level. Eteaket’s English Breakfast black tea variety has the greatest antioxidant content of all its varieties, while its Oriental Oolong and English Breakfast teas contain the highest levels of caffeine. Even though black teas have a relatively high amount of caffeine, it is still only about half the amount that is found in coffee and energy drinks.’ Another area ripe for development is rape-
seed oil. Unlike the case with some other oils, its naturally occurring antioxidants are not diminished by domestic cooking. Antioxidants in the form of polyphenols work in the body to prevent certain disease mechanisms and to enhance health. The rapeseed oil from East Lothian producer Black & Gold is now increasingly available in food stores. Of particular interest is the work that QMU
scientists are doing to develop a seasonal drink using sea-buckthorn berries, a bush often dismissed as a weed. Together with Cuddybridge, a small Scottish producer of hand-pressed apple juice, they have created a unique sea-buckthorn and apple juice combo. Sea-buckthorn, which is rich in antioxidants,
vitamins and minerals, has the potential to be truly a Scottish superfruit. But the difficulty of harvesting it efficiently and the often bitter taste of the berries mean we still have some way to go before we fully exploit its benefits. Though already popular in China, Norway and Russia where it also grows, it is often viewed
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here as an invasive thorny plant and so far has been favoured more for its environmental benefits – stabilising sand dunes next to East Lothian golf courses, say, or protecting other plants by reducing salt spray produced by cars – than for its nutritional and curative qualities. The fruit contains high levels of vitamins C and E. The concentration of vitamin C, in fact, is higher than that in strawberries, kiwis, oranges, tomatoes or carrots; the vitamin E content is higher than you find in maize or soybeans. QMU has run various trials for small food
producers looking to enhance the nutritional content of their products while also adding a Scottish twist. I had an opportunity to taste the Cuddybridge apple and sea-buckthorn juice and can vouch for its startlingly fresh and sharp ‘wake-up’ taste. Cuddybridge’s Graham Stoddart says that
‘although the properties of apple juice are well documented, the effects of sea-buckthorn, with its excellent antioxidant properties, and its appli- cation for the fresh juice market when mixed with apples, have little or no documentation’. Using apples from National Trust for Scotland
orchards, Cuddybridge will press and bottle its apple and sea-buckthorn juice and sell it to the luxury market, with stockists including Harvey Nichols, Peter’s Yard, Monachyle Mhor Hotel and the Scottish Parliament Café. Sea-buckthorn is even becoming a television
star. The Dunbar Community Bakery show- cased its use when it created a tart during ITV1’s Britain’s Best Bakery competition. Might it one day be to Scotland what the kiwi is to New Zealand or the orange is to Florida?
Q: I have three former estate worker cottages now surplus to requirements. I thought about spending money to renovate them and then gifting two to my children and running holiday lets from the third. What should I consider?
A: Regardless of whether properties are being gifted to your children or retained for holiday lets, in each case there will be inheritance tax (IHT), capital gains tax (CGT) and income tax issues to consider. The value of the gifted properties remains part of your estate ‘meter’ for IHT for
seven years. You should consider whether it is advantageous to gift the properties in an unimproved state and gift or lend the funds for improvements. This may result in a smaller gift value in your IHT meter. You must not retain a ‘benefit’ in the gift. If you do, you will be treated as still owning the asset. It is likely you will benefit from Business Property Relief against the value of the
Magnus Mackay
Associate at Stronachs LLP
www.stronachs.com
YOURSF
TO HAVE YOUR QUESTIONS ANSWERED EMAIL THEM TO
EDITOR@SCOTTISHFIELD.CO.UK
192
WWW.SCOTTISHFIELD.CO.UK
remaining cottage as part of the estate business. To maintain this, HMRC will have to be persuaded that the cottage is let as part of a trading business and not an investment business. There is scope to make this case with holiday letting and longer-term lets, although wider circumstances will always be relevant. You should seek professional advice. For CGT, although no money is changing hands, the gifts will be treated as disposals resulting in potential tax on any gains. Gains are the difference between the value of the cottages when acquired and the values when gifted, less allowable deductions. Utilising your own and possibly a spouse’s annual exempt amount and staging transfers over two or more fiscal years may help. You might consider the CGT benefits of holding over gains using a discretionary trust. Rental payments will need to be included on your self-assessment tax return and records kept of any allowable expenses that are deductible.
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