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£
FACT 4
We are independent and rely on your donations to fund us and continue our services, we are not supported by local or central government
Small grants to grassroots & front line volunteer led organisations
to make things HAPPEN
LATEST NEWS
Students studying an Fda in Business at Cornwall College are putting their entrepreneurial skills to the test to raise money for Cornwall Community Foundation. Previous collaborations between Cornwall College students and…
Gifts & Legacies
Would you consider a gift in your Will?
There is much publicity and advice given on helping charities and voluntary groups through a gift in a Will. Generally legacies given to charities in a Will are exempt from inheritance tax (IHT). IHT is paid on the value of your estate above the tax free threshold for individuals, currently £325,000 at a rate of 40%.
There are 4 types of legacy:
i) Sum of money left in your will to charity (pecuniary)ii) Gift of the remainder of your estate after all other beneficiaries have been provided for (residuary)
iii) Gift of a named item such as a building, furniture or painting (specific bequest)
iv) Gift depending on other factors such as a donor outliving other beneficiaries (contingent gift)
You must have a Will (or codicil – short amendment to your existing will) to define the type of gift you wish to leave and to whom. Your solicitor will be able to prepare one for you.
From April 2012 onwards, a reduced rate of IHT of 36% will apply to estates leaving 10% or more of their assets to charity. Please talk to your solicitor about this tax benefit.
Income from legacies forms 15% of all income received by British charities (Institute of Fundraising, Aug 2011).
Cornwall Community Foundation
