Charities as Beneficiaries – IHT

Many wills include gifts to charities either as specific legacies or as residuary gifts. When dealing with such estates you need to comply with all the standard requirements of efficient administration.

However, when charities are involved, you need to be aware of a number of particular issues that can cause problems. This session is divided into two parts, each of which are free-standing.

This webinar looks at IHT considerations, including:

• burden of IHT
• grossing up
• the reduced rate
  - how it works
  - when a variation can save tax overall
  - technicalities when calculating

• other situations when post-death variations can help

This webinar looks at IHT considerations:

• Dealing with misnamed charities and the options available

• Ex gratia payments from charities
  - when a charity may consider making one
  - current requirements and changes to be introduced in the Charities Act 2022

• CGT considerations
  - appropriations to save tax

• When the requirements of Charities Act 2011 need to be considered and the changes that Charities Act 2022 will introduce
• Estate and Trust Accounts: particular issues for charities
• Best practice in relation to Form R185

The Institute of Legacy Management has a helpful booklet, Charities as Beneficiaries, produced by the Law Society. The booklet can be bought from the Law Society or downloaded from the ILM website at

http://legacymanagement.org.uk/wp-content/uploads/Charities-as-Beneficiaries-1.pdf

Have a question? If you have any comments or feedback on this content, please get in touch.

Learning objectives:

After this session you will be able to

• deal appropriately with estate and trust accounts
• identify and deal appropriately with IHT issues