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Leave a legacy to The Road Vicims Trust

WHY LEAVE A LEGACY TO THE ROAD VICTIMS TRUST?

Inheritance Tax

Inheritance Tax is the tax payable on your estate after your death. If the total net value comes to more than the tax threshold, your estate will be liable to pay Inheritance Tax at the current rate.

Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate (including your share of any jointly owned assets and assets held in some types of trusts) when you die is above £325,000 (correct for 2011/12 tax year). It is only payable on the excess above this nil rate band.

There are a number of exemptions which allow you to pass on amounts (during your lifetime or in your Will) without any Inheritance Tax being due, for example:

  • If your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if it’s above the £325,000 nil rate band
  • Most gifts made more than seven years before your death are exempt
  • Certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership up to £5,000 (depending on the relationship between the giver and the receipient), gift to charity, and £3,000 given away each year are also exempt

Inheritance Tax nil rate band and rates

Inheritance Tax is charged at the following rate on death:

Inheritance Tax

2013/14 tax year

Taxable value of your estate above which it is charged

£325,000

Rate at which it is charged

40%

Who pays out the Inheritance Tax?

The ‘personal representative’ (the person nominated to handle affairs of the deceased person) arranges to pay any Inheritance Tax that is due.

Deadline for paying Inheritance Tax

In most cases, Inheritance Tax must be paid within six months from the end of the month in which the death occurs, otherwise interest is charged on the amount owing.

Tax on some assets, including land and buildings, can be deferred and paid in instalments over 10 years.

Forms you need to complete

If the estate is unlikely to be subject to Inheritance Tax (an ‘excepted estate’)

Country in which the deceased person lived Required forms for excepted estates
England Form IHT205 and form PA1 – application for probate
Scotland Form C1 (‘Inventory’) and form C5 if they died on or after 6 April 2004;if they died before this date form C1 only
Northern Ireland Form IH205 only

If the estate is likely to be subject to Inheritance Tax

In this case you complete form IHT400 plus any relevant supplementary forms (these are indicated on the IHT400).You also complete:

  • Form D18 if the deceased person lived in England, Wales or Northern Ireland
  • Probate application form PA1 if the deceased lived in England or Wales
  • Form C1 Inventory if the deceased lived in Scotland
  • (In Northern Ireland you only complete a probate application form at interview).

Leaving a Gift to the Road Victims Trust

The Government allows all gifts to charities to be tax free. So if you make a gift to the Road Victims Trust in your Will, its value will be deducted from your estate before Inheritance Tax is calculated. Essentially this means you can help the Road Victims Trust and reduce your Inheritance Tax liability at the same time.

A legacy to the Road Victims Trust means after your death you can continue to help support the victims of serious road collisions.

How to remember the Road Victims Trust in your Will

If you would like to leave a gift to the Road Victims Trust in your Will, we recommend that you show your solicitor the specific wording given here:

Pecuniary bequest

“I give the sum of £……….. pounds to the Road Victims Trust of 146 Bedford Road, Kempston, Bedford, MK42 8BH (Registered Charity Number 1142336) for its charitable purposes. I direct that the receipt of the treasurer, director or other proper officer of the Road Victims Trust for the time being shall be a full and sufficient discharge for my Executors or Trustees who shall not be concerned as to how the legacy is applied.”

Residuary bequest

“I give the residue of my Estate to the Road Victims Trust of 146 Bedford Road, Kempston, Bedford, MK42 8BH (Registered Charity Number 1142336) for its charitable purposes. I direct that the receipt of the treasurer, director or other proper officer of the Road Victims Trust for the time being shall be a full and sufficient discharge for my Executors or Trustess.”

Share of Residue

“I give a (state the share in words such as “one half share”) of the residue of my Estate to the Road Victims Trust of 146 Bedford Road, Kempston, Bedford, MK42 8BH (Registered Charity Number 1142336) for its charitable purposes. I direct that the receipt of the treasurer, director or other proper officer of the Road Victims Trust for the time being shall be a full and sufficient discharge for my Executors or Trustess who shall not be concerned as to how the legacy is applied.”

If you have a Will already and would like to amend it to leave a gift to the Road Victims Trust, below is a suggested codicil.

Suggested codicil

“I (name as in original Will) of (address) DECLARE this is [a First] codicil to my Will dated [insert date of original Will]”

“I give the sum of £……….. pounds to the Road Victims Trust of 146 Bedford Road, Kempston, Bedford, MK42 8BH (Registered Charity Number 1142336) for its charitable purposes.I direct that the receipt of the treasurer, director or other proper officer of the Road Victims Trust for the time being shall be a full and sufficient discharge for my Executors or Trustees who shall not be concerned as to how the legacy is applied.”

In all other respects I hereby confirm my said Will.

In witness whereof I have hereunto set my hand this (date in words).

A CODICIL MUST BE SIGNED AND WITNESSED THE SAME AS A WILL I.E. TWO WITNESSES WHO MUST SEE EACH OTHER SIGN THE WILL.

Confidential Pledge

Much of the work of the Road Victims Trust depends on our ability to plan our future income. Obviously, we cannot commit to major projects if we are unsure that we will have the funds available. If you decide to remember the Road Victims Trust in your Will it would be an enormous help to us if you would let us know. You can do this by completing the pledge form below and returning it to Trust Administrator, Road Victims Trust, 146 Bedford Road, Kempston, Bedford, MK42 8BH.

Please mark your envelope ‘Confidential’.

Pledge Form

If, after reading this, you would like to discuss anything else concerning legacies please call the Trust Administrator on 01234 843345. They will be happy to talk to you and answer your questions.

Thank you very much for considering a legacy to the Road Victims Trust.

For further advice, please click on Legacy Information