19 January 2012A new Inheritance Tax break, which is designed to encourage more of us to leave a legacy gift in our will, has sparked a national campaign of support.
New incentive will make legacy giving easier
From April onwards anyone who leaves at least 10 per cent of their estate to charity will have their inheritance tax reduced from 40 per cent to 36 per cent. The change is designed as an incentive to get more people to think about leaving money for charity.
Around 74 per cent of the UK population support charities during our lifetime compared with just 7 per cent in our wills.
As a result a national campaign called Legacy10 has been launched. It is backed by high profile entrepreneurs such as Sir Richard Branson, Martyn Lewis, Chair of the National Council for Voluntary Organisations and Charles Dunstone, co-founder of Carphone Warehouse. Others who have signed up to the campaign include Innocent Drinks founder Richard Reed.
Legacy10 was launched at Tate Britain by Roland Rudd, Chairman of PR firm RLM Finsbury, and aims to get at least 10 per cent of the population leaving 10 percent of their estate to charity.
Head of Development at the University of Nottingham’s Campaign Office Simon Buttenshaw said he welcomed the incentive which would definitely benefit the University.
“Any campaign which serves to remind people of the incredible impact a legacy gift can make is a very good thing. It is not perhaps widely recognised by our alumni and our supporters that the University is actually an “exempt charity” under the provision of Schedule 2 to the Charities Act 2006.
“This effectively means that the University has the same tax benefits as registered charities which include the ability to recover tax deducted from deeds of covenant and receipts under Gift Aid, exemption from Inheritance Tax for donors to the institution and exemption from Capital Gains Tax.”
The University of Nottingham has produced a brochure designed to help anyone considering leaving us a gift in their will. It contains practical information to help with decision making and includes some examples of how others have decided to direct their legacy gifts.
To order a copy of the brochure or to speak to us about a legacy gift, please contact:
Head of Development
The Campaign Office
The University of Nottingham
King’s Meadow Campus
Tel: +44 (0)115 951 3998
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