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Smart Giving
Giving tax effectively - Leaving a gift in your Will
A bequest in your Will is one of the more traditional forms of giving to charity but remains a very important one.
A bequest to charity means you can make a planned gift to a charity you care about, whilst ensuring dependants are provided for. Charitable legacies are paid before tax is deducted, reducing the total amount of inheritance tax due from your estate.
At the time of writing (April 2011), the inheritance tax threshold is fixed for another 3 years at £325,000 for an individual or £650,000 for married couples or civil partnerships. Up to date information on tax rates and thresholds can be found on the HM Revenue and Customs website.
From April 2012, a reduced rate of inheritance tax of 36 per cent for estates leaving 10 per cent or more to charity will be introduced, as announced in the 2011 Budget.
A bequest to charity means you can make a planned gift to a charity you care about, whilst ensuring dependants are provided for. Charitable legacies are paid before tax is deducted, reducing the total amount of inheritance tax due from your estate.
At the time of writing (April 2011), the inheritance tax threshold is fixed for another 3 years at £325,000 for an individual or £650,000 for married couples or civil partnerships. Up to date information on tax rates and thresholds can be found on the HM Revenue and Customs website.
From April 2012, a reduced rate of inheritance tax of 36 per cent for estates leaving 10 per cent or more to charity will be introduced, as announced in the 2011 Budget.
You can either name a particular charity in your Will or leave a sum of money to the executors with instructions as to how and to whom the sum is to be distributed.
If you have a lawyer or solicitor, they should be able to provide you with information on how charitable legacies can be incorporated in your Will.
To make or amend a Will you should contact your solicitor or a Will writing service.
Most charities can offer you guidance and information about leaving a legacy, or you you can contact Remember a Charity, an organisation that encourages people to leave legacy gifts.
Will Aid
Will Aid solicitors all over the UK are ready to use their professional expertise to write basic Wills in November to raise vital funds for charity. To locate a participating solicitor go to: http://www.willaid.org.uk/findThe campaign provides the perfect opportunity for people to put their affairs in order by writing a basic Will with a qualified solicitor and, instead of paying the solicitor’s usual fee, making a donation to Will Aid. The donation income is shared by the nine participating charities, including ActionAid, Age UK, British Red Cross, Christian Aid, NSPCC, Save the Children, SCIAF (Scotland) Sightsavers and Trocaire (Northern Ireland).
Last November, seventeen thousand clients wrote their Will with a Will Aid solicitor and each Will raised nearly £100. As a result, the nine partner charities shared over £1.3 million in donations and in future are likely to receive millions more in legacy income. The campaign hopes to raise even more this November.
As an additional benefit to Will-makers, Will Aid is offering free Will registration with Certainty National Will Register. This service usually costs £28.75 and is an important step to take for those who want to ensure that their Last Will and Testament can be located by legitimate beneficiaries when the time comes.
Find a convenient Will Aid solicitor and make an appointment for November and then donate generously to help Will Aid beat last year’s total. Participating solicitors can be found at http://www.willaid.org.uk/find or by calling the hotline 0300 0300 013.
