Reduce IHT 'by leaving cash to charities'
It is possible to reduce the amount of inheritance tax payable on an estate by leaving money to charity when writing a will
, an expert has emphasised.
Brian McMillan, director-general of the Society of Will Writers, suggested that efforts by the chancellor to make this easier for people may not be sufficient.
George Osborne announced in last month's Budget that the rate of inheritance tax would be lowered by ten per cent for people who leave at least that proportion of their assets to charities.
Meanwhile, Gift Aid is also to be simplified in order to boost donations to good causes.
"There are plenty of incentives around all the time. I don't actually think it makes a great deal of difference," Mr McMillan explained.
He added that the changes would simply be an "added bonus" to those who consider charities when writing a will
- Writing a Will News from Lawpack: save legal expenses now with the DIY Will specialists..
Published on: April 12, 2011
Did you like this article? Share it!