The Society of Trust and Estate Practitioners (STEP) has drafted a model clause for wills in response to government plans to reduce inheritance tax for charity donors.
The organisation hopes this template, if approved, will make it easier for wealthy individuals to leave a legacy which qualifies under the reforms, encouraging greater take-up of the proposals. Policy and communications executive Scott Devine said: "The revenue said the success or not of this measure will rely on private client advisers telling their client this is available and the use of model clauses. We're hoping to help on both of those scores." In 2011's Budget, George Osborne said the inheritance tax rate would be cut from 40% to 36%, for individuals who leave at least a tenth ...
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