Why leave a legacy?
Leaving a charitable gift in your Will is an effective and astute means of tax planning for you and your family.
Inheritance Tax (IHT) is currently at 40%. This means that if your estate is over a certain threshold as set by the Government (currently £325,000), £0.40 of every £1 you own could potentially be ‘lost’ in tax. There are, however, a number of exemptions, including gifts to charities.
A legacy to a charity in your Will is automatically free of IHT. Whether it be a specified sum of money, shares, a work of art, land or simply the residue of your estate (ie what remains when all of the gifts have been made), it is exempt. Additionally, if you leave 10% or more of your net estate, then IHT overall is reduced to a rate of 36% rather than 40%. This represents an opportunity for you to ensure that your family will pay a substantially smaller tax liability.
But leaving a charitable donation to Durham Cathedral is so much more than sound financial planning. It is a way to help preserve a building that has stood and served the North East of England for almost 1,000 years. A building that is loved by the nation and embedded in the identity of North East and English history. A building that is revered for its outstanding architecture – so much so that since 1986 it has formed part of a UNESCO World Heritage Site - one of only two English Cathedrals to be awarded this designation and reflective of its importance in the nation’s heritage.
It is a way to become part of something truly great and truly lasting. To join generations of people who care about Durham Cathedral, what it represents, and the communities it serves, and who wish to protect it for future generations. Leaving a gift to Durham Cathedral in your Will can provide you and those closest to you with the satisfaction and pride that comes from charitable giving and from making a real and lasting difference.
With thanks to Gedye and Sons (Solicitors) Limited www.gedye.co.uk for its assistance in collating this information.