Jan 23
Dave, Nick and Ed Are Doing It, Are You? Legacy 10 Wills
2012 at 12.06 pm posted by Ashley Easterbrook - Wills Solicitor
It’s not very often that all political leaders agree on something, but they do when it comes to Legacy 10. Legacy 10 is the name given to Wills that take advantage of a change to Inheritance Tax rules coming into force in April 2012.
The change means that if you draft your Will in such a way that you leave at least 10 % of your estate’s taxable value to charity, you will reduce the inheritance tax you pay from its current level of 40 % down to 36 %.
Making a Legacy 10 Will therefore not only allows you to leave money to your favourite charities but in doing so ensures that your family saves inheritance tax as well. The only real loser is the taxman.
While this may not have an effect on everybody as Inheritance Tax is only payable when an estate exceeds £325,000, the government hope that the Legacy 10 tax break will encourage charitable giving in Wills generally. Many charities are dependent upon legacies in Wills for their continued funding and existence.
The main party leaders, The Rt Hon David Cameron MP, the Rt Hon Nick Clegg MP and the Rt Hon Ed Miliband MP, have all committed to make Legacy 10 Wills, and in doing so support their favoured charities.
If you would like any more information about Legacy 10 Wills or Inheritance Tax in general please contact us on (01482) 223693 or visit the offices of Myer Wolff Solicitors in Hull at King William House, Lowgate, Hull, HU1 1YE.