Following last year’s disappointing news that the UK was no longer amongst the Top 10 of the world’s most generous countries, the CAF World Giving Index 2018
found a reversal of this trend amongst most of the top- scoring Western countries (including the UK, now in 6th place).
Whilst people have been more likely to help a stranger or volunteer with their time, the number of people donating money has declined again. This continues to be a problem for charities which rely on both regular donations and legacies in Wills to be able to continue their important work.
Hauke Harrack, TEP, a senior solicitor in Hewitsons’ Private Wealth team, comments: “Gifts to charity are free of Inheritance Tax, whether made during your lifetime or in your Will. Even a small gift can make a difference. When made during your lifetime, they can also provide higher rate income tax relief on the donation. Sadly, not many of us leave charitable gifts in our Wills despite the obvious advantages. For larger sums, a relatively new tax relief can mean it is more tax advantageous for the donor to leave money in a Will, instead of making a lifetime gift – especially if all the gift is in the Will of the second to die of a couple. For example, if certain criteria are met, leaving a fixed amount or share of your estate to charity can help secure a reduced rate of Inheritance Tax applying to the rest of an otherwise taxable estate.”
For further details on how you can remember a charity in your Will, speak to a qualified solicitor.
Download our Tax Efficient Giving to Charity information sheet
which explains in more detail how you can benefit a charity.
Please click here
if you would like Hewitsons to provide a fee estimate for preparing your Will.
See our Wills
services page for more information or click below
(Milton Keynes)Francesca Rossi
Hewitsons are proud Campaign Supporters of Remember A Charity in your Will