If you are thinking about making a legacy, or have already made one, please feel free to contact Martin Myers-Allen on 07917 248657 or at firstname.lastname@example.org.
This will be a good opportunity to ask any questions and discuss how your legacy will be used and how your gift can be recognised. The following steps detail how simple is to support the future of the College so that generations of future children can benefit from coming to the school.
1. Decide on the type of legacy
You can leave a variety of gifts in your will.
A share of your estate. After you have provided for your loved ones, you can leave a share of what remains to charity. This is known as a ‘residuary gift’.
A cash gift. This is when you leave an exact sum of money to us. It’s known as a ‘pecuniary gift’.
A specific gift. Which can include musical instruments to antique jewellery.
2. Send us a pledge form
If you have included Framlingham College in your will, or intend to do so, we would be grateful if you could complete a pledge form. This is not legally binding, but it will helped with the College’s long term planning, and will let us know if you wish to be a member of the 1864 Club. Importantly, it will also enable us to thank you properly for your gift during your lifetime.
3. Inform your solicitor
If this is your first will your solicitor can express your wishes in a paragraph in your will. If you already have a will your solicitor can update it by codicil.
4. Confirmation and recognition
Once we have received your pledge form we will be in touch to thank you and confirm how your legacy will be used and how we can recognise you for your generosity.
5. Gift Aid
Donors can make payments, large of small, regular or one-off to the Framlingham College Foundation under Gift Aid.
The donor simply signs a declaration, which should be in writing and confirms that they will pay an amount of income or capital gains tax equal (or greater than) to the tax the Foundation claims on their donations.
You can make every £1 you give worth 25p more, just by telling us. This is because the government’s Gift Aid scheme allows the Foundation to reclaim tax you have paid on any of your donations. This means that you can make an even bigger difference at no extra cost to you.
Higher rate of tax – Donors who are liable to pay the higher rate of income tax can claim the difference, currently 20% [40% – 20%] on the grossed up donation in their annual tax return.
One Off Giving – A commitment is made to make a one off gift to the Foundation.
Regular giving – A commitment is undertaken to make annual, quarterly or monthly payments for an agreed period of time.
Current legislation makes this an attractive way of maximising the benefits to the Foundation whilst minimising Capital Gains Tax liability to the donor. The donated shares will be free of Capital Gains Tax and the market value of the shares can be offset against the donor’s Income Tax liability.
For a higher rate tax payer whose Capital Gains Tax annual exemption has already been used up for the year, the incentives are beneficial and especially if the value of the donated shares is higher than when they were first bought.
Payroll Giving is a simple way to give money to the College. All that is needed is to ask your employer to make a regular donation on your behalf to the Foundation before calculating PAYE Tax. The donation, under Payroll Giving, is therefore paid out of pre-tax income.
If you are in a position to make a donation through a company, one may find this the most advantageous way of supporting the College. The Company simply makes a donation and then claims tax relief when calculating profits for corporation tax. Donations can also be made over a period of time.
Transfer of Assets
Donations of Capital Assets, including shares, can be made without the donor incurring a liability for Capital Gains Tax or Inheritance Tax and no tax would be payable by Framlingham College if the value of the asset were subsequently realised.
For more information about Gift Aid, visit HMRC here.
If you’d like to talk about the possibility of making a donation or leaving a legacy, please email Martin Myers-Allen.