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Budget 2011 Inheritance Tax changes benefit Charities

Friday 15th of April 2011

George Osborne has announced a 10% inheritance tax discount for those who leave 10% or more of their estate to charity. From April 2012, if you leave 10% of your estate to charity, inheritance tax will be charged on the estate at a rate of 36%, a 10% reduction from the usual 40%.

MrOsborne said: "If you leave ten per cent or more of your estate to charity, then the government will take ten per cent off your inheritance tax rate” He said that the aim of the "ten for ten" initiative was for people to increasingly give ten per cent of their assets to good causes.He estimated that this will bring in an extra £300 million for charities.

With only around 3% of estates in England and Wales subject to inheritance tax this change therefore affects very few. However, if your estate will exceed the inheritance tax threshold and you were planning to give away 10% or thereabouts to charity it will mean a greater inheritance for the other beneficiaries of your estate and more of your money will go to the charities of your choice rather than the government.

If you would like further information on this article or have any other queries relating to wills or probate please do not hesitate to contact us.