Many charities depend on legacies left to them in Wills and without them they would not exist. While 74% of the UK population support charities, only 7% currently leave a legacy to them in their Will.
Safe from Inheritance Tax
Charitable gifts are exempt from Inheritance Tax which means that anything you leave will go to the charities you care about without the government taking a percentage of the value in tax.
Not only this but the Government has recently introduced a 10 per cent inheritance tax discount for estates leaving 10 per cent or more to charity.
The reduced rate of Inheritance tax, which will be discounted from 40 per cent to 36 per cent, is designed to encourage charitable giving and will apply from April 6, 2012. See our latest news for more information.
How can I leave a gift to charity in my Will?
There are several different options:
- Specific gift – Gift of a specific item such as furniture, jewellery or other valuables
- Pecuniary gift – Gift of a specific amount of money
- Residuary gift – Made from what remains of your estate after debts have been paid and all specific and pecuniary gifts have been made
If you wish to leave a gift to charity our legal experts can ensure that you have the right plans in place.