Legacies

Tax incentives for charitable giving - Payroll giving - Corporate giving - Legacies - Gift Aid and museums

In April 2012 HMRC introduced an Inheritance Tax incentive that gives individuals liable to pay inheritance tax (i.e. people whose estates are worth £325,000 or more when they die) an opportunity to get a 10% discount on their remaining tax bill, bringing it down from 40% to 36%, if they agree to leave 10% of their taxable estate to charity.

The benefit to the charity is four times greater than the cost to an estate’s beneficiary: for every pound donated, HMRC pays 76p and the estate pays just 24p.

Legacy 10 is an independent campaign launched alongside the incentive, which aims to promote legacy-giving to everyone and not just the very wealthy (although the 10% incentive only applies to those liable for inheritance tax).

The campaign recommends that every registered charity should have a legacy-giving strategy. It is important for museums to be proactive in promoting this new tax incentive to potential donors.

The Legacy10 website contains case studies, promotional tips and useful research into barriers to giving.

General links and resources

Further advice


Museum Practice (MA members only):



Training

Search the MA’s Find an Event database under ‘fundraising’ for training and workshops on boosting charitable giving