Business leader, Sir Richard Branson, and investment banker, Jacob Rothschild, have committed to give 10% of their estates to charity via their Wills as part of the Legacy10 campaign.
From April 2012, anyone who leaves at least 10% of their wealth to charity will have their inheritance tax bill reduced from 40% to 36%. The Legacy10 campaign has been established to encourage a change in the way people in the UK regard charity giving.
Campaigners claim that if we all left just a small amount to our favourite charities in our Will, we could make a big difference, while at the same time reducing the inheritance tax bill for our beneficiaries.
If you would like to discuss the possibility of amending your Will in light of this news, or have no Will in place currently, please contact our Private Client team on 020 8891 6141.