Benefits of leaving money to a charity in a Will

Gifts made in Wills are a significant source of revenue for many charities. Leaving a legacy in a will to a charity enables people to offer kindness and it enables people to offer benefits to good causes close to their hearts. This is usually in the desire that the chosen charity can carry on their charitable work for the benefit of future generations and sometimes to give back to charities that have helped an individual or their family.

There are also tax advantages. Any gift made to a UK charity is entirely free of Inheritance Tax. In addition to the gift itself being tax-free, a gift to charity can also reduce the total Inheritance Tax payable on the rest of the estate. If you were to give a sum equal to 10% or more of your taxable estate to charity the tax rate applicable to the rest of your estate would be at a reduced rate of 36% rather than 40% which is the standard rate.

For further information or if you need help writing a will, please contact Clair Dunkerley on 01429 230 034 or email cdunkerley@tmjlegal.co.uk.