Gifts to charity on death are exempt from Inheritance Tax (the tax payable on a deceased person's estate) so this is a very tax-efficient way of providing long term benefit to a charity. And, in his budget on 23rd March the Chancellor announced that by leaving a sum equal to 10% of your total estate inheritance tax on the remainder of your estate will be charged at a reduced rate.
A legacy can either comprise a specified sum or item from your estate, or you can leave all or a part of the residue of your estate. This means that the charity receives the remainder of your estate once any debts, expenses, specific legacies and gifts have been cleared. Your solicitor or independent financial adviser can discuss the various alternatives with you and the associated tax benefits.
While we urge you to take care of your family first, we hope you will also be in a position to think of the Sick Kids Friends Foundation, as every legacy, however big or small, can help fund something very important.
