Bequests are crucial for us
We can help make your legacy change the lives of young people. After taking care of your loved ones, please think about leaving a gift to Millfield in your Will.
All gifts in Wills are important to us, regardless of size. They are one of the most tax efficient ways of helping Millfield create opportunities for young people who would not otherwise get them. Most legacies create a special scholarship enabling a young person to receive the opportunities you specify and which Millfield can offer them and through investment we can make this last indefinately. You could also help us develop new school buildings which will benefit thousands of young people for years to come.
We invite you to make the choice and to consider that giving benefits the giver almost as much as it does the givee.
How we can help
Our Development office do our best to support legators to the school, through:
- Demonstrating how a gift in your Will can help Millfield change lives.
- Providing advice and having a discussion about options with you, we will also help you find independent professional advice if you wish.
- Demonstrating how a gift to Millfield can significantly reduce the level of inheritance tax on your estate.
- Providing donors with a tour of our campus, to our boarding houses and for lunch with us in our canteen.
- We offer our recognition to those we know have included Millfield in their Will by welcoming them into our special 1935 Society.
Making a will
If you have not yet made a Will we recommend seeking professional advice. There will be a fee but you will have the comfort that your wishes are honoured. If you have already made a will and wish to add Millfield to it, you can prepare a Codicil which can amend your original Will.
So that we can recognise your generosity and plan for the future we would be grateful if you could notify us of your intentions by contacting us.
Bequests can be very tax efficient
Bequests to Millfield (Charity no. 310283) are exempt from Inheritance Tax (40% at tax year 2014) and may result in the remaining tax being applied at a lower rate (since the tax reforms of 6th April 2012). Charitable donors who leave at least 10 per cent of their (net) estate to any charity may be able to pay the reduced rate of Inheritance Tax of 36 per cent as in the example below:
|Gift to Millfield||Nil||£100,000|
|Value of estate||£1,000,000||£1,000,000|
|Estate within nil tax band||£325,000|
'Baseline amount' for determining
|Inheritance tax owed||£270,000||£207,000|
Estate after tax and donation
(considering the nil tax band)
|Net cost to the estate||£37,000|
This illustration demonstrates a specific, simple scenario which is not intended as advice. In the case of individual estates it is important to seek professional legal and financial advice which should establish the most efficient means of donating to Millfield through your Will and what impact that has on the rest of your estate.
The illustration considers the reduced rate of tax and to qualify for the you would leave at least 10 per cent of the 'Baseline amount' (net value) of your estate to a qualifying charity, our illustration considers a donation of £100,000 which is more than 10% of the ‘baseline amount’ (£67,500).
Need more help?
Please contact us and speak to Gareth Turnbull or better still, come and visit so we can offer a warm Millfield welcome.