“Donating to charity via a will could see beneficiaries profit”

Dec 6, 2023 | Tax

Including gifts to charity in your will is a nice thing to do, but it’s often only for those without anyone obvious to whom they can leave their worldly worth. Or perhaps when there are obvious recipients they don’t wish to benefit; families can be funny things. However, if there might be Inheritance Tax to pay  there can be a financial positive to doing good stuff when you’re gone, and a positive to those you might think you’re doing out of their inheritance. There’s no IHT on gifts to charities, and if you leave them 10% or more of your estate, it can bring down the tax on what’s left to 36%. Like everything IHT-related, it’s complicated, and you need a good solicitor (there are actually plenty, and we can point you at some) to get it right. If it’s not right, the charities themselves can, in my experience, get a little uppity, as many rely on this for their big donations. But whatever you choose to do, at least make a will. And keep it up to date.

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“More than a third of pots non-advised when entering drawdown”

“More than a third of pots non-advised when entering drawdown”

Three headlines this week which should give rise to at least a bit of concern amongst the adviser community. More than should be are taking money, taxable as well as tax-free, from their pensions without taking advice; which might be fine, but how it’s done can have a big effect on both tax and what might be left for the future.