If you care about theatre, culture, heritage and the arts in Fife you might want to remember Fife Cultural Trust in your will.
Leaving us a legacy can reduce inheritance tax on your estate, as Fife Cultural Trust is a registered Scottish charity (SCO43442).
We are Fife’s largest independent arts organisation, with almost 2 million visits to our libraries, museums and heritage venues, galleries, theatres and community venues. Every gift we receive helps to ensure the future of the arts in Fife.
Leaving a gift in your will is a tax-efficient way of supporting our work, as every pound you leave to a registered charity is deducted from the taxable liability of your estate. It is something like Gift Aid. A legacy to Fife Cultural Trust of £1,000 would reduce your family’s inheritance tax bill by £400*. So, the gift would only cost £600. Additionally, Inheritance Tax is reduced from 40% to 36% if 10% or more of the ‘net value’ of an estate is left to charity.*
How to Help
If you leave a gift to Fife Cultural Trust, you are investing in the future of the arts, culture and entertainment in Fife. Leaving a legacy in your Will is the only certain way you can be sure that your wishes are carried out. If you die without leaving a will the government will decide how to allocate your estate.
There are three main kinds of legacy:
• Money/Pecuniary Legacy - the most common form of gift, leaving a specific amount of money to Fife Cultural Trust
• Residuary Legacy - leaving whatever is left over to Fife Cultural Trust once all other gifts to family, friends etc, and all bills have been paid
• In-kind Legacy (Gift) - Leaving a work of art, some jewellery or a building to Fife Cultural Trust
We recommend you seek qualified advice regarding the wording or amendment of your will. In Scotland, this could be from an accredited member of a professional will writing organisation or from a solicitor.
Fife Cultural Trust subscribes to Love the Arts, Leave to the Arts, the initiative by Arts & Business Scotland to promote bequests to the arts. Our solicitor partner is Brady Legal. For further information please contact Sharron McIntosh tel: 03451 555 555, extension 444597 or Sharron.McIntosh@onfife.com.
* Assuming current rate of inheritance tax at 40% of estate valued over threshold value of £325,000. (HMRC figures as of 30/6/15. Source: https://www.gov.uk/inheritance-tax/overview)