Types of Gifts to Leave & Inheritance Tax
There are a number of ways you can choose to leave a gift to NICHS in your Will, and as well as creating a life-changing legacy when you do so, you could also reduce your Inheritance Tax liability.
There are three main ways that you can support our work with a gift in your Will.
- A residuary gift: when you leave all or a share of your estate, once all other commitments and wishes have been fulfilled.
- A pecuniary gift: when you gift an exact amount of money specified in your Will.
- A specific gift: such as property, jewellery, or any other items of worth.
Leaving a gift in your Will to NICHS could reduce your IHT liability if your estate is in excess of £350,000. In fact, gifts to charity are 100% tax-free and are taken out of your estate before IHT is calculated. Currently, if you leave 10% of your net estate to charity it will reduce the tax you pay from 40% to 36%.
If you would like to leave us a gift in your Will we suggest the following wording that can be used or amended by your Will-writer.
‘I bequeath to Northern Ireland Chest Heart & Stroke the sum of £… or, all/part* of the residue of my estate, to be applied to general purposes/or [insert area of NICHS work] and I declare that the receipt of the Honorary Treasurer, or Legacy Officer shall be sufficient discharge to my Executors.’
How a gift in your Will can help
The examples below will give you an idea of the difference to others that a gift in your Will could make.
- £250 enables a Family Support Coordinator to provide every possible source of support to a chest, heart or stroke survivor on their road to recovery.
- £500 provides 10 activity sessions at one of our 22 NICHS Stroke Schemes providing support, exercise and enjoyment to a person whose life has been devastated by stroke.
- £3,000 supports 12 people affected by a devastating chest, heart or stroke condition to attend our Self-management Programme, helping them take control, regain confidence and rebuild their lives.
- £10,000 provides a broad range of vital information for carers and families, helping them to cope with the effects of chest, heart and stroke illnesses as well as educating them about how best to prevent a recurrence.
- £30,000+ funds or part funds a research project into chest, heart or stroke illness at a Northern Ireland-based university or hospital. Such research often helps to improve diagnoses, produce more effective treatments and supports disease prevention. Click here to read more about research projects we are currently funding.