Legacies

Gifts of Land and Property

The income tax relief for gifts of shares and securities was extended to gifts of freehold and leasehold interests in land made to charities by individuals on or after 6 April 2002. Forever Notts is always interested in discussing the possibilities of such gifts with potential donors and/or their professional advisers.


Do People Really Give Properties to Charity?

Yes – this tax relief is open to individuals and companies. Whether it is a plot of land that is no longer in use, or something on a grander scale, this tax relief applies to any property, providing that the whole interest is donated and the charity agrees to accept it.


How Do Your Clients Make a Gift of Land or Property?

Set up a meeting with Forever Nottsto discuss your gift and whether it can be accepted:

  • Arrange for the gift to be transferred to Forever Notts
  • Evidence of the date the gift was made and its market value should be retained
  • Make a claim for the relevant tax relief


Giving by Will

Many of your clients may consider leaving money in their Will. Forever Notts offers a lasting way for people to put something back into the local community. A cash legacy, for example, is an important and traditional way of giving to charity; and a legacy or bequest to Forever Notts could go on making a difference as grants are made year after year to meet the needs of future generations.

Local voluntary groups and charities are supported by Forever Notts, which assesses and monitors each project carefully. The number of charitable organisations operating in Nottingham and Nottinghamshire is growing and many are small and relatively unknown but doing excellent work in their own field.

For those organisations applying for a grant from Forever Notts, it can make a real difference and in some cases can provide an essential source of funding for a specific project.


Types of Legacy or Bequest

Forever Notts is a registered charity and gifts left to us by Will are free of inheritance tax. Sometimes a gift made in this way can reduce the amount of inheritance tax paid by other beneficiaries.

The main ways of making such a gift are:

  • A cash (or ‘’percuniary’’) legacy – this means that the deceased pledges a specific sum to Forever Notts
  • A specific legacy – this means that the deceased pledges a specific item – for example, shares or some other investments; or it may even be a house of other property – to a particular charity
  • A residuary gift – this means that once family and loved ones have been provided for, the remainder or a proportion of the deceased’s estate is pledged to one of more charities


Giving by Will – How Does it Work?

All gifts given to Forever Notts will be used to support charities in Nottingham and Nottinghamshire.

Your client may wish the legacy or bequest to support Forever Notts general grant making programmes by naming Forever Notts as the beneficiary.

Your clients’ Will may specify the creation of a Named Fund with specific charitable objectives. Forever Notts will work closely with you to ensure your client’s charitable interests are met. If your client knows which charities they would like to support, they could leave a gift in their Will to Forever Notts with instructions to distribute the income between their favourite charities / community groups – perhaps over a period of years.

A legacy to charity enables your client to make a planned gift to a charity they care about, whilst ensuring dependants are provided for. A bequest to Charity may mean that your clients generosity will go on making a difference in Nottingham and Nottinghamshire for years to come and that, if they wish, their name will be remembered by their Named Fund.

Charitable legacies are paid before tax is deducted, reducing the total amount of inheritance tax due from your client’s estate.


Legacies – The Next Step

 

Please feel free to download and fill in or share our legacy leaflet.

If you would like further information please contact us.