Leaving a legacy
Leaving a legacy to the School in your will is a way to make a gift without impacting your current finances, and can have tax advantages, enabling you to give while still providing generously for your family and others through your estate.
If you would like to support a particular School project, we will be pleased to honour your wishes. You do not need to let us know the value of your planned gift, and it will not represent a binding commitment: we do understand that circumstances change. Furthermore, we are aware that making a will is a very personal matter and we assure you that your plans will be held in the strictest confidence.
If you intend to make a bequest, or have already made provisions in your will for the school, please get in touch with the Development Office at email@example.com and let us know you are thinking of us. You only need share the details you wish, and we will always be very grateful and glad to hear from you.
Reducing your inheritance tax bill
Gifts to Queen Elizabeth’s School are exempt from Inheritance Tax (IHT) in the UK and there is now a further incentive when you leave 10% or more of your net estate to charity. If you leave charitable gifts in your will that amount to 10% or more of your chargeable net estate, the IHT rate on the whole of your estate will be reduced from 40% to 36%. The following is an example of how this would work in practice for a gross estate of £1,000,000:
|Without a charitable bequest||With a 10% charitable bequest|
|Gross Estate||£1,000,000||Gross Estate||£1,000,000|
|Less nil band||(-£325,000)||Less nil band||(-£325,000)|
|Net Estate||£675,000||Net Estate||£675,000|
|No charitable donation||£0||Less a bequest of 10%||(-£67,500)|
|Taxable Estate||£675,000||Taxable Estate||£607,500|
|Less IHT at 40%||(-£270,000)||Less IHT at 36%||(-£218,700)|
|Remaining Estate (incl. nil rate band)||£730,000||Remaining Estate (incl. nil rate band)||£713,800|
Therefore the estate’s beneficiaries forego the sum of £16,200; but the charity or charities would benefit from £67,500. (Please note, this example is for illustrative purposes only. We encourage you to seek professional advice regarding your personal circumstances.)
The HMRC website provides an online calculator to help you establish whether a charitable legacy will meet the qualifying criteria.