A prominent charity group is calling on UK families to include charitable legacies in their Wills.
The calls come ahead of Remember A Charity Week – a campaign due to take place from Monday 10 September to Sunday 16 September 2018.
The annual event, which is spearheaded by a collaborative charity body of the same name, aims to raise awareness of the real difference families and individuals can make by leaving money to a charity in their Wills.
For this year’s theme, Remember A Charity is inviting the public to “pass on something wonderful” to a charitable organisation of their choice.
“Every gift, however large or small, has a big impact on charities in the UK and many would not survive without them” the group says.
This year, Remember A Charity has partnered with 200 not-for-profit bodies, which will also be using the week as a springboard to launch the world’s first charity-powered search engine, which they have called Human.
While charities can benefit immensely from receiving generous donations in Wills, leaving behind a charitable legacy can also have fantastic benefits for families and individuals in terms of Inheritance Tax (IHT).
Under existing rules, gifts left to most charities in Wills are IHT-free, while individuals who donate 10 per cent or more of the taxable value of their estate (which can often equate to a very small percentage of their overall estate) to a charity can benefit from paying a significantly reduced rate of IHT.
This is very important, as IHT is potentially incurred at a hefty rate of 40 per cent on all estates valued at £325,000 or more.
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