Legacy Giving

 

LEGACIES AND BEQUESTS

•    Leaving a legacy to St Leonards is possibly the greatest gift you can make to the School, certainly one that will make a significant difference to the lives of future generations of St Leonards students. Making a legacy bequest is simple and can either be included in a new will or added as a codicil to an existing will; it will be free from inheritance tax and capital gains tax. You are advised to seek legal advice.

•    There are many reasons why you may wish to leave St Leonards a legacy in your will.  It may be a wish to enhance the facilities, or perpetuate the name of a loved one; or you may want to express gratitude and give something back as a gesture of appreciation for your successes in later life. Whatever your reasons a legacy bequest can be directed at any specific area of school development or school life. Your bequest may take the form of cash, shares or items of property such as paintings or valuables. To find out more about the effect of a bequest on inheritance tax please see the information opposite ‘Inheritance Tax explained’. St Leonards is registered as a charity with OSCR. The charity registration number is SC010904.

•    If you do decide to leave a legacy to St Leonards, we would be very grateful if you could let us know by contacting us and asking for a Legacy Request Form and returning it to the Development Office, St Leonards School, St Andrews, Fife KY16 9QJ. You do not need to provide details of the legacy if you do not wish to, nor is the pledge in any way binding. It is simply a statement of your present intention.

INHERITANCE TAX EXPLAINED

How can you reduce your inheritance tax bill by giving to
St Leonards?

If your estate is worth over the Inheritance Tax Threshold, currently £325,000, when you die Inheritance Tax may be due. Since 6 April 2012, if you leave 10% of your estate to charity the tax due may be paid at a reduced rate of 36% instead of 40%. This means it can cost you very little to make a generous gift to St Leonards. St Leonards is registered as a charity with OSCR.
The charity registration number is SC010904.

How does it work?

Any gifts you make to a qualifying charity during your lifetime, or in your will, are exempt from Inheritance Tax. In order to qualify for the reduced rate you must leave at least 10% of the net value of your estate to charity such as St Leonards. Th e net value of your estate is the sum of all the assets after deducting any debts, liabilities, reliefs, exemptions and the nil-rate ban.

What are the figures?

The example below illustrates how this rule increases the cost effectiveness of leaving a gift of 10% or more to a qualifying charity in your will. In effect it can cost you very little to make a large gift to charities like St Leonards.

For example: No Gift 10% Gift
Value of Estate £525,000 £525,000
Inheritance Tax Allowance (nil rate band) £325,000 £325,000
Net Value of Estate £200,000 £200,000
Gift to St Leonards £0 £20,000
IHT Due £80,000 £61,800
To beneficiaries £120,000 £115,200

The cost to leave a £20,000 gift from a £525,000 estate is just £4,800. Less than 1% of the estate.
If you have a larger estate then the benefits are even greater.

  No Gift 10% Gift
Value of Estate £1,000,000 £1,000,000
Inheritance Tax Allowance (nil rate band) £325,000 £325,000
Net Value of Estate £675,000 £675,000
Gift to St Leonards £0 £67,500
IHT Due £270,000 £218,700
To beneficiaries £405,000 £388,800

Cost to leave a gift of £67,500 to St Leonards from a £1m estate is just £16,200.

Further Information

If you would like to speak to someone regarding legacies and bequests to St Leonards, please contact  Dr Michael Carslaw, Headmaster or Alison Galloway, Development Manager
Dr Michael Carslaw 01334 472126 or m.carslaw@stleonards-fife.org
Alison Galloway 01334 472126 or a.galloway@stleonards-fife.org

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