BRACE Dementia Research 1987 Foundation Event
In 2018, BRACE introduced the 1987 Foundation which honors individuals who commit to leaving a future gift in their Will to support BRACE. Membership is free and comes with significant benefits and privileges.
One of the benefits of being part of the 1987 Foundation is the annual 'get-together'. This month, we were delighted to sponsor a tour around the University of Bristol Botanic Garden followed by a cream tea for the supporters of BRACE. As a fairly new Trustee, Richard was thrilled to meet so many long-term supporters of the charity.
We enjoyed an insightful tour around the various rooms within the extensive greenhouse, full of interesting plants from far-flung places. We were also lucky to be able to wander around the gardens, taking in the Chinese garden full of medicinal plants and hearing how the monkey tree came to grow in the UK.
The idea that a charity gives thanks for future gifts that have been pledged is a lovely one and it was plain to see how much the supporters appreciated it too!
how charitable giving impacts inheritance tax
Charitable giving can have a significant impact on inheritance tax in the UK. When you include a charitable donation in your Will, the donated amount is deducted from the total value of your estate before inheritance tax is calculated. This deduction is known as a "charitable exemption."
Inheritance tax is usually levied at a rate of 40% on the value of an estate above the tax-free threshold (known as the nil-rate band). However, if charitable donations equal to at least 10% of the taxable estate are made, the inheritance tax rate can be reduced to 36%.
By including charitable gifts in your Will, it is possible to lower your inheritance tax liability while supporting causes you care about. It provides an opportunity to make a positive impact on society while potentially benefiting your loved ones by reducing the tax burden on your estate.
If you would like to know more about this, please don’t hesitate toget in touch to chat or book a complimentary financial review. Call 0117 3636 212 or email office@haroldstephens.co.uk