legacies

Leaving a Legacy

 

The LMI is very grateful for any form of legacy, whether gifts of money or bequests of property. We are a Registered Educational Charity, Number 210112.

From April 2015, the rules regarding payments to charity beneficiaries have changed. When someone dies under the age of 75, all lump sum payments from defined contribution pension schemes to nominated charity beneficiaries are paid to the charity free of inheritance tax. However, if someone dies after the age of 75, the payments to nominated charity beneficiaries are paid to the charity free of inheritance tax only if the donor is single or a widow(er) and does not have dependants under the age of 23 years.

 

In other circumstances, the donation to nominated charity beneficiaries is taxed at 45%. Note: Gift Aid provisions do not apply to gifts made by a will.


If you wish to nominate the LMI as a charity beneficiary of your unspent pension savings, then you should consider how this change may relate to your personal situation and seek independent financial advice.


If you leave more than 10% of the net value of your estate to LMI and inheritance tax is due on the estate, the
rate of tax is reduced from 40% to 36%.

For more information, please contact Mrs Karen Alsop, Finance and Project Manager, via the contact form below.