- Leaving money to charity in your will can reduce your inheritance tax rate
- Get in touch with the charity to discuss what you’d like to achieve
- You can donate other assets as well as cash
When planning your will, your family and loved ones will naturally be at the forefront of your mind. But by donating some of your money to charity you can support causes that are important to you while also receiving some tax advantages.
Across the UK, people donate roughly £3.9bn a year in their wills. Lucinda Frostick, director of legacy campaign Remember A Charity, says legacy giving has been particularly important for charities in recent years, as the pandemic and the cost of living crisis make fundraising more difficult while simultaneously increasing the demand for their services. One of the biggest charities in the UK, Cancer Research UK, made more than a third of its £719mn income from legacies in the year to March 2023 – with one person leaving a staggering £44mn to the organisation.