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Charitable Giving


During difficult financial times as we cut back on our spending generally, we often stop or at least reduce our contributions to Charities.  So, if making donations to Charities during our lifetime is a bit of a stretch, maybe we could consider making a gift to Charities through our Wills.

 

Charitable legacies are the foundation for many good causes in the UK and are vital in continuing their work.  A recent survey stated that when asked, 30% of people would happily leave a gift to Charity in their Wills, but in reality only around 7% of people actually do.

 

It has been public policy for a long time now that any gifts we make to UK Charities are exempt from Inheritance Tax.  However, a recent change in tax legislation allows those who gift at least 10% of the value of their estate to a UK Charity, to benefit from a reduction in the amount of Inheritance Tax they pay on the rest of their estate.  It is now possible for the Inheritance Tax rate of 40% to be reduced to 36%.  The basic principle behind this change in legislation is that the reduction in the rate of Inheritance Tax may encourage more charitable giving.

 

It is relatively simple to incorporate a legacy to a Charity within your Will and if you wish to take advantage of the reduction in the Inheritance Tax rate then you should take appropriate advice.  A simple act on our part can in turn help to support those local or national Charities that are close to our hearts. 

 

For any information about charitable giving in your Will please contact Samantha Lloyd on 01905 723561 or e-mail her at Samantha.Lloyd@smesolicitors.co.uk

 

Added: 23 Jan 2014 13:36


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