Leaving money in your Will
Most of us would like to be certain that after our death, some or all of our money and property can be given to the causes we wish to help. When you die, if the value of your assets including your home, exceeds the tax-free limit laid down by the government, your estate will be liable to pay Inheritance Tax (for 2021/22, the threshold for this tax is currently £325,000).
However, all donations to charity are completely exempt from Inheritance Tax; and if you leave more than 10% of value of your estate to charity, the amount of tax due is reduced to 36% of the remaining value of your estate. Therefore, for anyone with assets exceeding the threshold, the amount that has to be paid to the tax man can be significantly reduced.
The Bishop’s Castle & District Community Land Trust (the Trust), is a Society for the Benefit of the Community, and is recognised as a Charitable Trust by Her Majesty’s Revenue & Customs.
(Registration No. EW12300)
How to make a tax-effective donation to the Trust
If you are considering making or changing your Will, please take legal advice. If you do decide to make a tax-effective donation to the Trust, the following suggested clauses may be of assistance to you and your solicitor:
- For a residuary bequest, i.e. what remains after specific bequests to your family and friends, the wording to use is:
“I give to the Bishop’s Castle & District Community Land Trust all (or % share) of the residue of my estate and I declare that the receipt of the Honorary Treasurer or other proper officer of the Trust shall be sufficient discharge of the same.”
- For a specific legacy i.e. a fixed amount, a property or other specific item, the wording to use is:
“I bequeath to the Bishop’s Castle & District Community Land Trust the sum of £.… and I declare that the receipt of the Honorary Treasurer or other proper officer of the Trust shall be sufficient discharge for my Trustees”.
The Bishop’s Castle & District Community Land Trust
The primary objective of the Trust is to provide affordable housing for local people in housing need. We meet that objective by building or acquiring buildings for the long-term benefit of the people in Bishop’s Castle and its surrounding area.
As a small independent Trust, we don’t receive government funding, and our main source of income is derived from the below market rents we collect from our tenants. From spring 2022, we will be renovating a neglected property left empty for six years, to provide two flats.
We know how much our homes have made a positive difference to all those who have been given a roof over their heads since they were built in 2011, and want to do more.
Any donation you can give will greatly assist us in making Bishop’s Castle a thriving community, where young people can be given a chance to live and work where they grew up.
For further information on how you might help the Trust, or to discuss a potential legacy in confidence, please contact the Company Secretary, Jonathan Brown, via:
- email; email@example.com
- Post, by writing to the Trust, c/o Enterprise House, Station Street, Bishops Castle SY9 5AQ
- Phone/text on 07497 142 485.
In preparing this guidance, we are very grateful for the expert advice given by Joe Cobb, who is a partner at JMW Solicitors in Manchester. He specialises in Wills, Trusts and Estate Planning, and says that he is very happy to be contacted at:
Bishop's Castle & District Community Land Trust