How to leave a legacy gift
Leaving a gift to Imperial in your Will is easy. On this page you can find useful information to guide you through the process.
Making a Will is one of the most important things you can do. An up-to-date Will means that the people and causes that matter most to you have been looked after the way you choose. It also means that family and friends can be sure they are acting on your wishes.
how to leave us a legacy gift
Wording for your legacy gift
Your solicitor may use the following wording as a guideline for including Imperial in your Will:
“I give, to the Imperial College of Science, Technology and Medicine (also known as Imperial College London), HMRC number X2361 of Exhibition Road, South Kensington, London SW7 2AZ, [insert a fixed amount] or [insert specified percentage/all of my residuary estate] to be applied to the [insert general purposes/preferred area] of the said College and I declare that the receipt of the Director of Finance or other duly authorised officer of the College shall be good and sufficient discharge to my Executors.”
Remembering Imperial in your Will is a tax-efficient way of supporting the College. Your estate may be subject to inheritance tax and it may be advantageous to distribute your estate so that your family and friends are left gifts below the tax threshold and therefore not subject to inheritance tax.
Under current law, if your estate is worth more than £325,000, your beneficiaries will have to pay 40% of the part that is over the threshold to HMRC.
Leaving money to a charitable organisation
- If you leave gifts to charity in your Will, the gift value won’t be counted towards inheritance tax. The same goes for gifts left to your spouse. This could reduce what your beneficiaries have to pay, or remove your inheritance tax liability altogether.
- In April 2012, inheritance tax legislation changed, meaning in some situations, anyone leaving 10% or more of their taxable estate to charity may qualify for a reduced rate of inheritance tax – 36% rather than 40%.
Capital gains tax
This type of tax is usually payable if you sell or give away something that has increased in value. When someone dies, the value of their assets is re-established and any gains that arise during the administration of the estate (i.e. between death and sale) may be liable to capital gains tax. Charities are exempt from capital gains tax, so where charities are beneficiaries in a Will, it may be possible to use this exemption to benefit the whole estate.
To find out more about inheritance tax and capital gains tax, talk to your solicitor to see how the rules might affect you and your loved ones.
If you would like to discuss making a legacy gift to Imperial, we would be delighted to discuss your options with you. We recommend that you also seek professional advice if you do decide to leave a gift in your Will.