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LATEST NEWS & EVENTS CAF calls for wills and inheritance tax planning reform  A leading organisation of charities and legal advisers is calling on the government to change wills and inheritance tax planning rules in order to encourage more donations. The Charities Aid Foundation (CAF) wants to see a new tax effective method of giving brought in that is based on a US system of Charitable Remainder Trusts. Lifetime Legacies, as they have been called, would allow donors to make a gift to a charity in the form of a second home or shares while still being able to derive an income stream from their assets. The donation would then be placed in a charitable trust that would allow charities to use as collateral to borrow money. Lifetime Legacies would be free from capital gains tax and inheritance tax, which the CAF believes would encourage people to give more to charity. Richard Cassell from the CAF said: "We believe this new mechanism for charitable giving would provide a much needed boost to fundraising in the UK. "It has the potential to engage new donors and generate increased levels of giving from existing donors." It comes after Simon Leighton, a board member on a number of charities, explained in the Guardian what a "blessing" legacies are to the third sector. Posted by Paul Stevens 
Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net £450m a year in savings More Individual Legal Services News |
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