|
A lifetime of support for co-operative ethos. |
|
Community Empowerment Ltd Registered Office: F3 Northumberland Road, Southsea, PO5 1DS.
Registered in England: Register No. 28936R Industrial and Provident Societies Acts. Registered with HMRC as an Exempt Charity.
Site Copyright 2011 Community Empowerment Ltd. |
|
Would you consider a charitable bequest, so that your support can continue? |
|
Our approach to the co-operative application of donations received as legacies: Gifts received as legacies will be invested into a capital fund or property in order to retain their benefit for as long as possible. The fund might help finance community asset transfers or provide premises for Co-operatives. Interest and rent receipts are used to support our charitable operations, including the development of Co-operatives in order to reduce poverty through the creation of employment. This support is delivered throughout the UK and will involve the engagement of Co-operative Development Bodies as appropriate. Income not required for these activities will be reinvested to sustain the capital fund. |
|
Inheritance Tax and gifts to charity: In some cases where you are planning a charitable legacy, it could be in the interests of your non charitable beneficiaries for you to ensure that your charitable legacy is at least 10% of the net estate.
From 6th April 2012 there will be a reduced inheritance tax rate of 36% where 10% of the net estate is gifted to charity. |
|
EXAMPLE: An intended charitable gift of £9,000 from a Net Estate of £100,000 could leave £91,000 subject to Tax @ 40% and so the amount left for your non charitable beneficiaries would be £54,600. If the charitable gift was increased to £10,000 (10% of £100,000) this would leave £90,000 to be taxed at the reduced rate of 36% leaving £57,600 for your non charitable beneficiaries. |
|
Legacy Clause Wordings |
|
We would always recommend using a solicitor when making or updating your will.
Advice can be obtained from Co-operative Legal Services 0845 602 1416 www.co-operative.coop/legalservices Or from a solicitor of your choice.
In England and Wales you can contact the Law Society for details of a firm near you: www.lawsociety.org.uk, or call 020 7242 1222.
In Scotland contact the Law Society of Scotland: www.lawscot.org.uk, or call 0131 226 7411.
|
|
At June 2011 the inheritance tax threshold is £325,000, your beneficiaries will have to pay inheritance tax on the amount above that, however gifts to charities are generally exempt from inheritance tax. If you leave a charitable gift it will be deducted from your estate before inheritance tax liability is calculated. |
|
Residual legacy (The residual or part of the residue of an estate). England and Wales: (i) I give [ ] share of my real and personal property not hereby or by any codicil hereto specifically disposed of after payment of my debts, pecuniary and specific legacies, funeral and administration expenses and any taxes in respect of my estate to Community Empowerment Ltd (a charitable society, HMRC reference XT18774) of F3 Northumberland Road, Southsea PO5 1DS. (ii) I direct that the receipt of the duly authorised officer of Community Empowerment Ltd shall be a sufficient discharge for my Executor/Trustees.
Scotland: I direct my Executors/Trustees to pay and make over a [ ] share of the residue of my estate to Community Empowerment Ltd , F3 Northumberland Road, Southsea PO5 1DS (a charitable society, HMRC reference XT18774) for its general charitable purposes absolutely and I direct that the receipt of the duly authorised officer of Community Empowerment Ltd shall be a sufficient discharge for my Executor/Trustees. |
|
Pecuniary legacy (A fixed amount of money). England and Wales: (i) I give the sum of £[ ] (pounds) free of tax to Community Empowerment Ltd (a charitable society, HMRC reference XT18774) of F3 Northumberland Road, Southsea PO5 1DS. (ii) I direct that the receipt of the duly authorised officer of Community Empowerment Ltd shall be a sufficient discharge for my Executor/Trustees.
Scotland: I direct my Executors/Trustees to pay to Community Empowerment Ltd, F3 Northumberland Road, Southsea PO5 1DS (a charitable society, HMRC reference XT18774) the sum of £[ ] pounds, free of inheritance tax and other fiscal impositions for its general charitable purposes absolutely
(to be paid within [ ] months of my death and in priority to all other legacies given by this will or codicils hereto) or (as soon as convenient after my death but without interest thereon)
and I direct that the receipt of the duly authorised officer of Community Empowerment Ltd shall be a sufficient discharge for my Executor/Trustees.
|
|
Specific legacy (A particular item/property). England and Wales: (i) I give my [short description of property given] free of tax to Community Empowerment Ltd (a charitable society, HMRC reference XT18774) of F3 Northumberland Road, Southsea PO5 1DS. (ii) I direct that the receipt of the duly authorised officer of Community Empowerment Ltd shall be a sufficient discharge for my Executor/Trustees.
Scotland: I direct my Executors/Trustees to pay and make over my [short description of the property given] to Community Empowerment Ltd, F3 Northumberland Road, Southsea PO5 1DS (a charitable society, HMRC reference XT18774) for its general charitable purposes absolutely and I direct that the receipt of the duly authorised officer of Community Empowerment Ltd shall be a sufficient discharge for my Executor/Trustees.
|