Charitable giving has a long history in the UK, with people choosing to support the causes that matter to them in many different ways.
Every donation can have an impact, but it is gifts in Wills that now form the largest source of voluntary income for charities.
Legacy giving is becoming increasingly popular, with a 30% rise[1] in the proportion of people donating this way over the past twenty years.
Remember a Charity
Still, there is often a lack of awareness around this form of charitable giving, with uncertainty around how it works, how much to give and how to fit donations around gifts for family and friends.
That’s why we have signed up to Remember A Charity’s campaign charter, working together as part of this national network to help everyone understand the options open to them when writing their Will.
One of the most rewarding ways to give, 100 people across the UK[2] now write a charitable gift into their Will each day, funding vital services across the country.
Stephen Sampson, Head of Private Client at Monan Gozzett LLP says: “People often feel deeply connected to the charities they support and find the idea of including a donation in their Will appealing. But there is a common misconception that this type of giving is reserved for the wealthy. In reality, people can give any amount – large or small – to any charity. It all makes a difference and it can be such a rewarding thing to do.”
Charity Gifts
Gifts to charities in Wills are free of Inheritance Tax (IHT), effectively increasing the IHT threshold on donors’ estates.
For people that choose to donate 10% of their estate or more, this reduces the rate of Inheritance Tax down from 40% to 36%, which can amount to a considerable reduction on larger estates.
Allan Freeman, Chair of Remember A Charity – a consortium of 200 UK charities, adds: “Gifts in Wills have a phenomenal impact on charitable causes across the UK, whether that’s a case of funding medical research or shelters for those suffering from abuse, mental health helplines or keeping local the theatre open. Particularly in recent times, that income has never been more important, helping charities to sustain and even increase services to help those in need.”
“It’s a great opportunity for people to have a lasting positive imprint, leaving the world a better place for future generations.”
Contact us by email on ssampson@monangozzett.com to find out more, or visit Remember A Charity In Your Will for inspirational stories about the impact of gifts in Wills.
[1] Smee & Ford 2020
[2] Smee & Ford 2020
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