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V . Gregory
Residential Conveyancing transaction
Following George Osborne’s 2012 Budget there has been much discussion, among other things, of his drive to prevent the “super rich” from reducing their Tax burden by making substantial gifts to charities. It is ironic that in his 2011 Budget the same Chancellor introduced a new provision which came into effect on 6th April 2012, which means that where a person making a Will gives more than 10% of their Estate to charity any Inheritance Tax payable in the Estate will be reduced from the usual 40% to 36%.
This can provide significant savings for the Estate, to the benefit of the beneficiaries and is intended to encourage charitable giving.
As always the devil is in the detail and it is quite difficult to calculate whether or not a gift to charity means that the Estate qualifies for this exemption. The Estate is divided into a number of components relating to survivorship assets, settled property assets, gifts with reservation assets, and the general estate. Each of these components, with the exception of the settled property component, may qualify for the exemption. In order to take advantage of this new provision anyone making a charitable contribution needs to check carefully that their gift fulfils the required conditions.
Clients with Wills may want to review their provisions to ensure that any charitable donation qualifies for this relief. Although it is possible to vary a Will after death and in this way take advantage of these provisions even where the deceased had not been able to do this.
We now provide suitable wording for clients to ensure that their Wills qualify and we can advise clients on how best to organise their Estate in order to qualify for this exemption. Similarly we can also advise Executors or Administrators on steps they may be able to take to reduce the overall Inheritance Tax burden.
For more information or to book an appointment contact Charles Neal on 0114 249 5969 or firstname.lastname@example.org
Bell & Buxton, Solicitors
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Authorised and regulated by the Solicitors Regulation Authority. Bell & Buxton is the trading name of Bell & Buxton LLP, a limited liability partnership, registered number OC322707, registered in England. A list of members is open to inspection at the above address.
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