Charitable status and tax benefits (UK)
January 29, 2018 | Simon Jenkins
The University of Leeds is an ‘exempt charity’ under Schedule 3 of the Charities Act 2011. The University does not have a registered number issued by the Charities Commission but is in law a charity by Royal Charter, granted in 1904. Our reference number with the charity division of HM Revenue and Customs is X6861.
Our charitable status means that a gift in your Will to the University would be tax-exempt and so could reduce the amount of Inheritance Tax payable if the net value of your estate is above the threshold (currently £325,000).
Nominating the University as a beneficiary of your pension fund could also provide significant tax benefits.
Reduced rate of inheritance tax
Did you know that if you leave 10% or more of your estate to charity any Inheritance Tax due may be paid at a reduced rate of 36% instead of 40%? Click here for more information.
Inheritance Tax is a complex area and it is important that you seek professional advice on the tax implications of leaving all or part of your estate to charity.