Why to Bestow in your lifetime
Iran’s Children Charity is a registered Company and its constitution allows for properties and major assets to be held in its trust.
The great aspect of bestowing a gift during your lifetime is that not only you can discuss with us how you wish your donation to be used, but that you will also get the opportunity to see the outcome of a project and the effect on the children it supports.
How to leave a legacy
Writing a Will is one of the most important things you can do for your loved ones. If you don’t have a valid will when you die, your estate becomes ‘intestate’. This means the law decides how your estate will be distributed. You can also reduce your Inheritance Tax of 40% or avoid it altogether.
It is easy to leave a legacy in your Will which needs to be drawn up by a solicitor to ensure it reflects your exact wishes. Any legacy to a charity is tax exempt and your solicitor will need to have our charity’s name, which is “Iran’s Children Charity” and our charity registration number of 1130290.
What is inheritance Tax?
Inheritance Tax is usually paid on an estate when somebody dies. It’s also sometimes payable on trusts or gifts made during someone’s lifetime. Most estates don’t have to pay Inheritance Tax because they’re valued at less than the threshold (£325,000 in 2013-14). The tax is payable at 40 per cent on the amount over this threshold.
Inheritance Tax exemptions
Any gifts you make to a charity during your lifetime or in your Will – will be exempt from Inheritance Tax. A donation to a charity in your will may also reduce your inheritance tax.
Reducing your Inheritance Tax bill by giving to a charity
If your estate is worth over £325,000 when you die Inheritance Tax may be due. From 6 April 2012, if you leave 10 per cent of your estate to charity the tax due may be paid at a reduced rate of 36 per cent instead of 40 per cent.
What if I already have a Will?
If you already have a Will, it is easy to include a charitable legacy by means of codicil. The codicil should be written on a separate sheet of paper, signed by yourself and two independent witnesses and filed with the original Will.
What if I need help with finding a Solicitor or am concerned about the fees?
If you have any questions and concerns, you can contact our charity and we would endeavour to advise and guide you.