Leaving 10% to charity in your Will
Did you know that by leaving 10% of your taxable estate to charity, you can actually increase the amount your other beneficiaries receive?
As of 6th April 2012, anyone leaving 10% of their taxable estate to charity will qualify for a reduced rate of inheritance tax (IHT), from the normal level of 40% to the reduced rate of 36%.
Using this basic example based on an amount of £100,000, you can see that leaving 10% to charity, will leave your other beneficiaries more than if you were to leave 9% and make no difference if you were planning on leaving 4%:
% of taxable estate left to charity
Inheritance Tax rate
Amount beneficiaries due
Please note that we strongly advise that you seek professional advice when it comes to making or amending your will.