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.
“IHT to be ‘battleground policy’ in general election as receipts continue to grow”
Just when you thought Inheritance Tax was to become yesterday’s news, it’s back as, apparently and potentially, a ‘battleground policy’ as the election looms.
