Leaving a Legacy: Tax Benefits
The philanthropy of give to charity aside, are you aware of the tax benefits of leaving money to Charity in your Will?
In addition to the full exemption from inheritance tax on charitable gifts, if you leave more than 10% of your estate to charity, the remainder of your estate qualifies for a reduced rate of inheritance tax at 36%, rather than the usual 40%.
If you give this much to charity, it may mean your family receive less. But if you do have the intention of making significant donations to charity, ensuring your Will is correctly drafted so that the charities receive the right amount to qualify for this reduced rate, would obviously be worthwhile.
If you have any questions about charitable legacies or if you would like a free half hour appointment to discuss your Wills and inheritance tax, please do contact Christine on 01305 250560 or email firstname.lastname@example.org
For more information on our Wills and Trusts services click here.
For more related articles on this topic click here.