Giving land, property, shares and investments to charity has become even more attractive as individuals are able to get tax relief on the gift. This relief is in addition to the existing relief on capital gains for gifts to charity of gifts, securities and other assets.
When Richard Martineau’s great-grandfather John decided to build cottages for his estate workers in Walsham Le Willows in the late nineteenth century, he wanted to improve their living conditions and enable families to live self-sufficient and healthy lives. Each garden had its own vegetable patch, pig sty, fruit tree and bread oven, and some of the cottages were built with a widow’s room to house a single older woman who may have been financially struggling.
Fast forward one hundred and twenty years, and it is wonderful to see the beautiful Martineau Cottages remaining at the heart of Walsham Le Willows, with their famous inspirational inscriptions carved into the outside beams.
The current owner, Richard Martineau, wanted to preserve this special piece of Suffolk philanthropic history for as long as possible and so he has generously decided to donate the 12 cottages to Suffolk Community Foundation, to protect them and to generate a self-sustaining source of income for community grant-making from the ongoing rental income generated.
“This has the blessing of my children”, smiles Richard. “They can appreciate what I am trying to do here.”
Clearly, the philanthropic spirit of the Martineau family is burning as bright as ever.
It is always advisable to seek guidance from your professional advisor. Further information is also available from HM Revenues and Customs. If you require any further information or would like, in confidence, to discuss a specific situation, please contact Tim Holder, Development Director at the Foundation on 01473 786916.