Leaving a lasting legacy by making a gift in your will to Friends of the Quantocks?
If you are passionate about protecting the Quantocks for future generations then a great way is to add Friends of the Quantocks as a beneficiary within your will & or direct that gifts in remembrance should be left to the charity.
Any gift that you make will be a real help to us and allow us to maintain and possibly increase (depending on the size of the legacy given) the scope of the work we do on and for the Quantocks.
The great news is that gifts made to registered charities within your will are free of Inheritance tax and they could even give rise to a reduction in the Inheritance tax rate charged on your remaining estate, please see the section INHERITANCE TAX AND YOUR GIFT for more details.
What wording should be used to include a gift in my Will?
All bequests should be left to Friends of the Quantocks and must state our registered charity number 1154378, together with the correct registered address: Friends of the Quantocks
Church House
Crowcombe
Taunton
Somerset
TA4 4AA
We would recommend that you use a legal professional to add a legacy, but have included two options for suitable wording in order to assist.
The recommended wording for a Pecuniary Legacy (general charitable purposes) is:
I give the sum of [………………..] pounds (£) free of inheritance tax to Friends of the Quantocks (Registered Charity No: 1154378) of Church House, Crowcombe, Taunton, Somerset, TA4 4AA absolutely for its general charitable purposes and the receipt of the Honorary Treasurer or the proper officer for the time being of Friends of the Quantocks shall be a complete discharge to my executors.
The recommended wording for a Residuary Legacy (percentage of your estate) is:
I give [………………..](%) of the residue of my real and personal estate to Friends of the Quantocks (Registered Charity No: 1154378) of Church House, Crowcombe, Taunton, Somerset, TA4 4AA absolutely for its general charitable purposes and the receipt of the Honorary Treasurer or the proper officer for the time being of Friends of the Quantocks shall be a complete discharge to my executors.
Inheritance tax and your gift
The great news is that gifts made to registered charities within your will are free of Inheritance tax, furthermore in order to support and encourage gifts to registered charities, the government has provided an extra incentive by reducing the Inheritance Tax rate by 10% (from 40% down to 36%) on estates that gift 10% or more of the net estate value to charities (all charities combined).
Example
As a VERY simple example, a single person’s estate of £500,000 less £325,000 (the basic Nil rate band of IHT in 2023) leaves a net chargeable estate of £175,000 which would give rise to an Inheritance tax liability of £70,000 (£175,000 x 40%).
A charitable donation of £10,000 would reduce the chargeable estate to £165,000 and the Tax liability to £66,000 (40% of £165,000), saving £4,000 in tax.
A charitable donation of £17,500 (10% of the £175,000 net chargeable estate) would reduce the chargeable estate to £157,500 and the tax liability down to £56,700 (36% x £157,500), saving £13,300 in tax.
HMRC provide Guidance on the above and a handy calculator (link below) which allows you to calculate the amount of gift you would need to make to qualify for the reduced rate of Inheritance tax.
https://www.gov.uk/inheritance-tax-reduced-rate-calculator
Need Any more help?
If you have any queries with regard to making a legacy or one-off donation, please email [email protected]