STEP proposes new will clause for legacy and tax incentives

In response to HMRC’s consultation document, A new incentive for charitable legacies,  the proposed draft model clause could be adopted in the Wills of those wishing to leave a legacy and so qualify for relief.  HMRC’s consultation document is proposing a reduced rate of Inheritance Tax (IHT) where there is a charitable legacy of 10% of the estate left in a will.   Keith Johnston, Director of Philanthropy at STEP explains the current dilemma for benefactors. “One of the major challenges of this new policy is the inherent difficulty for individuals, possibly years in advance of their...