The most common types of legacy:
Residuary legacy
A gift of what’s left of your estate – or a percentage of it – after all other gifts have been made and debts cleared.
Pecuniary legacy
A gift of a sum of money.
Specific legacy
A particular named item left as a gift in your will. For example, a piece of furniture, a painting, etc.
Reversionary legacy
A gift in your will that reverts to another beneficiary (e.g. a charity) when the original beneficiary dies.
Tax Saving Information
As a registered charity, a gift in your will to ArtsEd is exempt from inheritance tax. As of 6 April 2009, estates worth over £325,000 are subject to 40% inheritance tax on any amount over £325,000. A charitable beneficiary pays no tax on gifts of money or property bequeathed by a legacy.
In addition, leaving a gift in your will to a charity may have tax benefits for your estate. From April 2012, estates leaving 10% or more to charity will be subject to a 36% reduced rate of inheritance tax.
Leaving a gift in your will
If you already have a will, you can add a gift to a charity with a codicil. The example below includes all of the information required to leave a gift to ArtsEd.
Example codicil wording:
“In addition to any legacies given in my will I give to Arts Educational Schools London, 14 Bath Road, Chiswick, London. W4 1LY, registered charity number 311087, (the sum of £_______ /or % share of my residuary estate/or specific item) to be used for its general charitable purposes and I declare that the receipt of their Treasurer or other proper officer shall be a full and sufficient discharge.”
We are delighted to acknowledge the generosity of our legators alongside our supporters, in our building, our accounts and online.
Thank you so much for considering a gift to ArtsEd in your will. If you would like to find out more, then please do not hesitate to get in touch.
MaryAnn Parish | Head of Development | 0208 987 6644 | mparish@artsed.co.uk.
