Remember A Charity (RAC) is a national awareness week which takes place each year, designed to promote legacies and encourage more people to consider leaving a gift to charity when writing a will, after they've looked after their family and friends.
Gifts in wills form the foundation of charities in the UK, Herts & Middlesex Wildlife Trust is no different. Yet, even though an impressive 74% of the UK population support charities, only 7% currently leave a legacy to them. Working with RAC we hope to improve the way people view legacy giving.
This year, Remember A Charity Week is taking place from 12th-18th September, and also includes the launch of the first ever 'International Legacy Giving Day' on Tuesday 13th September.
For more information visit Remember A Charity online at www.rememberacharity.org.uk or visit their youtube channel www.youtube.com/rememberacharity for all the latest news on legacy giving.
New Inheritance Tax Incentives
From April 2012, there will be a reduced rate of Inheritance Tax from 40% to 36% for estates leaving a legacy to charity. If individuals leave 10% or more of their estate to charity, then the government will take 10% off your IHT rate.
This will mean that your beneficies will still receive the same amount, but that your favourite charities will receive more - take a look at the example below (figures supplied by Kingston Smith):
| Existing regime (IHT 40%) | From April 2012 (IHT 36%) |
| Gross estate | £1,325,000 | £1,325,000 |
| Nil rate band | £ 325,000 | £ 325,000 |
| Taxable estate | £1,000,000 | £1,000,000 |
| Charitable donations | £ 40,000 | £ 100,000 |
| Estate liable to inheritance tax (IHT) | £ 960,000 | £ 900,000 |
| IHT rate | £ 384,000 | £ 324,000 |
| Net estate for family | £ 576,000 | £ 576,000 |
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If you would like more information about leaving a legacy to your favourite charity, please contact a Solicitor. You can also contact Sarah Mee, Fundraising Officer, at the Trust on 01727 858901 ext. 242 or email sarah.mee@hmwt.org.
