If you have supported charities in your lifetime, did you know that your estate can benefit from your giving at least 10% of your estate to charity in your Will?
A reduced rate of inheritance tax of 36% applies instead of 40% on the balance of your estate if inheritance tax is going to be payable.
Your personal circumstances will determine whether this will be useful to your family so you should always seek advice from a solicitor about the tax consequences on your estate.
What's better: giving to charity while you're alive, or in your will? More than half of animal charity Blue Cross's income comes from legacies. Chief vet Mark Bossley pictured. Death duties are among the most hated and controversial of all taxes, with growing numbers of families affected by them. But the Exchequer is not the only beneficiary from growing inheritance tax receipts. As part of their tax planning, and as a way to limit the impact of inheritance tax, more families are giving large sums to charity, either late in life or as bequests in their wills.