Give it to Charity not the Taxman
by Isobel Mann
Despite the economic downturn, nine out of ten of us still donate to charity.
Legacies were worth an estimated 1.9 billion to charities, but only 7% of Wills include them. If you are writing or amending a Will you can either leave money to a charity or items of value such as jewellery. All these gifts are exempt from Inheritance Tax liability.
From 6th April 2012, any estate which leaves at least 10 per cent of its taxable wealth to a charitable cause can take advantage of a lower rate of Inheritance Tax, with the rate falling from 40% to 36% on the remainder of the estate.
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