Legacy Consortium issues plea...
Legacy Consortium issues plea to Government to not overlook the importance of legacy income.
The sector’s legacy consortium, Remember A Charity, has issued a plea to the Government, asking it not to overlook the importance of legacy income and inheritance tax (IHT) relief in its reform of the IHT system.
In a response to the Government’s consultation, developed with the support of the Institute of Fundraising and the National Council for Voluntary Organisations, the legacy group highlighted the importance of legacy income and inheritance tax (IHT) relief, saying that legacy income is “the largest single source of voluntary income in the sector, generating over £3 billion each year.”
Remember a Charity made three recommendations to the OTS in its submission, which were:
- That any review of IHT and attempts to ‘simplify’ the system should take into account the impact on charitable gifts in wills, and avoid any potential negative consequences;
- That any possibilities of simplification that could help to achieve the shared civil society and Government objective of increasing gifts in wills are sought and taken forward wherever possible (for example by considering introducing a tax incentive for everyone who leaves a charitable gift);
- That this review around any potential changes to IHT fully take into consideration the future work of the Charity Tax Commission (established by NCVO to undertake a full review of the charity tax system).
To read the full consultation response please use the following link: https://www.institute-of-fundraising.org.uk/library/rac-iof-ncvo-response-to-iht-review/
Please contact a member of our Charities Team for further information: