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DOES CHARITY BEGIN AT HOME?
athryn Smith Cowap, a Partner in the Private Client team at Wansbroughs Solicitors considers whether charity really does begin at home. When writing their Wills, many people decide to make a gift to charity. If you are considering doing the same, you may find it benefits not only the charity but also your family. Any gift made to a UK registered charity is free of inheritance tax. When you include a gift to charity in your Will, this figure will not count towards your nil rate band, leaving the entire band available to reduce the tax impact of gifts to
your loved ones. Not only are UK charitable gifts free of inheritance tax; they also have the potential Kathryn Smith Cowap
to reduce your entire tax bill. If you decide to leave 10% or more of your net estate to charity, your estate can benefit from a reduction in the rate of inheritance tax charged, from 40% to 36%. This lower percentage would be applied to the entirety of your assets, whether or not intended for charity. The outcome? Your estate will pay less inheritance tax and your family and the charity will reap the benefits To discuss making a charitable gift in your Will, please contact us at wealth@wansbroughs.com or on 01380 733300. • wansbroughs.com
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