Leaving a Equine or Elderly Legacy to The Elise Pilkington Charitable Trust

If you would like to find out more about leaving an Equine legacy or Elderly legacy in your Will to the Elise Pilkington Charitable Trust please fill in the contact box at the bottom of this page.

Legacies are a very important source of income for charities, and it doesn’t matter what size your gift is, rest assured it will be put to good use and greatly appreciated.

If you want to leave a gift to charity but have already made a Will, that is not a problem, there is a simple ways you can change it, by writing a codicil. A codicil is a document used to make minor changes to a will that has already been written.

The tax benefits of leaving a Legacy to charity

Under current legislation*, Charity Legacies are exempt from tax and there is no upper limit on the value of the Legacy you leave. Legacies are therefore a very efficient way of supporting your favourite charities because the Government is encouraging your generosity by adding funds from central government funds. You may leave as much as you like, entirely tax-free to a spouse or civil partner or UK registered charity. You may also leave up to £325,000 to any other beneficiary or beneficiaries. Over and above that Inheritance Tax (IHT) is then applicable on the remainder of your Estate, at flat rate of 40%. However, if you leave a Legacy to charity, that Legacy is deducted from your Estate before it is taxed, thereby potentially lowering the amount of IHT that will be payable.

In addition, as from April 2012, if you leave 10% or more of your taxable estate to charity not only will the Legacy be deducted before tax is calculated, the tax rate will be reduced from 40% to 36%. This is the Government’s way of encouraging more of us to give to charity and for us also to increase existing charity Legacies to the crucial 10% level; they want to make giving 10% of one’s Estate to charity “the new norm in our country”.

If a lifetime gift is in the form of shares, there is a tax advantage whereby an individual can hand over a share holding with a large capital gain to a charity without crystallising a gain – or paying the capital gains tax. The shares can then be sold under by the charity free of CGT thereby making the gift that much more advantageous. The individual can also offset the capital value gifted against their own income tax returns, so in effect a double win.

Charitable Legacies are vital to so many of the charities which are important to us, and are vital in continuing their work. Through a gift in your Will you can make a contribution that will have a real impact on the causes you care about. So please – when making a Will or changing an existing one – think about leaving an Equine or Elderly Legacy to The Elise Pilkington Charitable Trust

* Please note that legislation and rules can change and whilst we will attempt to ensure the information provided is current and correct, independent advice should always be sought.

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