Boost for legacy giving in the 2011 Budget

In the Budget speech in March the Government announced a significant change to the taxation of bequests, designed to encourage legacy giving. A reduced rate of inheritance tax (IHT) will apply where 10 per cent or more of an estate (after deducting IHT exemptions, reliefs and the nil rate band) is left to charity. In those cases the current 40 per cent rate will be reduced to 36 per cent. The new rate will apply where death occurs on or after 6 April 2012. The Government will be consulting on the detailed implementation of this measure and will issue a consultation document before the summer.

There’s no better time to consider making a gift in your will to St John’s.