The rate of Inheritance Tax is 40% for estates over the “nil rate band” of £325,000. After 6 April 2012 the 40% tax has been reduced to 36% if 10% or more of the relevant estate is given to charity. This new measure affects people who are considering leaving or who have already left a charitable legacy in their Will.
If your Will contains legacies to charities or you want to benefit a charity and pay less tax then it would be an appropriate time to take our professional advice with regard to your Will.
Freedman Alexander LLP – solicitors in Epsom and Ewell – http://www.fallp.co.uk