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We know that over the last twelve months Charities have suffered considerably. Their ability to fundraise and open their high street stores etc. has been hugely impacted due to the Coronavirus. Individuals have been unable to fundraise (through sponsored walks and coffee mornings etc.) which has undoubtedly had long term financial impact on many charities.
Charities rely on legacies from estates as a large part of their fundraising and some even campaign specifically to encourage people to leave a legacy to them in their Will.
You may have been personally affected by the work of a charity during this pandemic, or just feel you would like to say thank you for something you have experienced at this particular time. We have all been touched by the way people have come together to help one another through selfless work. This maybe one way you can give back – whether it is at home or abroad. We are all proud of the volunteers and the effect their work has on the people they help.
Giving a gift to charity in your Will is a simple way of ensuring much needed funds reach good causes.
No matter how much you donate, it will not be subject to any Inheritance Tax. All gifts to charity are exempt from Inheritance Tax and are known as a ‘Charitable Legacy’.
You can also reduce the amount of Inheritance Tax you may need to pay on the rest of your estate from 40% to 36%, if you leave at least 10% of your net estate to a charity. This is worth considering if you are keen to also support a charity after your death.
The rules on how to work out what you can give to charity to utilise the lower rate of tax are not always straightforward. It would be a good idea to seek advice from solicitors who are experts in estate planning.
Our Wills and Estate Services Team here at Poole Alcock LLP would be very happy to discuss this with you whether it is just a simple cash gift or if you would like to consider leaving a larger proportion of your residue to charity. Please do give us a call on 01270 613939 to arrange an appointment or complete our contact form here .
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