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Leaving a gift in your Will
Gifts in Wills - the tax advantages
Leaving a gift in your Will can be a highly tax effective way of supporting a charity. It can reduce the value of your assets and so cut the amount of inheritance tax on your estate.
And you don't have to be rich to qualify for inheritance tax!
It is payable on the total value of all your assets - including your home, car, investments and the value of your life insurance policy and/or pension. The tax is currently payable on the value of all assets over £300,000.
It is payable on the total value of all your assets - including your home, car, investments and the value of your life insurance policy and/or pension. The tax is currently payable on the value of all assets over £300,000.
It takes a lifetime of hard work to accumulate wealth but 40% of anything over the inheritance tax threshold can be lost if you fail to plan.
Making a gift to charity can help reduce the overall tax burden and ensure that your money is spent in the way you would have wanted rather than lining the pockets of the exchequer.
| Value of estate £ | Inheritance Tax payable £ | Balance to beneficiaries £ |
| 300,000 | 12,000 | 288,000 |
| 350,000 | 32,000 | 318,000 |
| 500,000 | 92,000 | 408,000 |
| 750,000 | 192,000 | 558,000 |
| 1,000,000 | 292,000 | 708,000 |
| 1,500,000 | 492,000 | 1,008,000 |
More on Leaving a gift in your Will
- Leaving a gift in your Will
- Gifts in Wills - the tax advantages
- How does 'legacy fundraising' work?
- What it costs and what it raises
