The National Honey Show Executive Committee has been considering how the funds available to stage the show may be maintained in the long term and has decided to seek to raise funds by way of legacies.
We hope you may wish to leave a legacy to the National Honey Show to help it pass on its heritage to future generations.
The tax treatment of gifts
One factor to consider in making a decision to leave a legacy is that the tax treatment of gifts differs as to whether or not they are made to a charity.
As a Charity, the National Honey Show (Charity number 233656) is exempt from paying tax on any donations made to it. Donations from your estate have the benefit of reducing the size of your estate for Inheritance Tax purposes by the amount of the donation. Thus a gift, for example, of £1,000 would cost the estate £600 at current tax levels.How to make a gift without rewriting your will
This assumes that you have already written a will and do not wish to incur the expense and trouble of writing a new will. The simplest way of varying your wishes regarding your estate is by making a Codicil (which is a short instruction) to your existing will.
A Codicil must be properly drawn up and witnessed in the same way as your original will, but it is less costly than making an entirely new will. A Codicil might set out a simple monetary bequest, called a Pecuniary Legacy. Alternatively, a Codicil might set out that any money left after all other bequests and debts have been paid out of your estate will be a donation to the National Honey Show; called a Residuary Legacy.
The wording for these two types of legacy is set out below.
A Codicil for a Pecuniary Legacy
‘I give to the National Honey Show (charity number 233656) C/O the General Secretary, 17, Shire Lane, Chorleywood, Rickmansworth, Herts, WD3 5NQ, the sum of £……….and I direct that:
I. such money shall be used for the general purposes of the National Honey Show, and
II. a receipt signed by the General Secretary or other proper officer of the National Honey Show shall be a good and sufficient discharge to my executors for the payment of the said money.
A Codicil for a Residuary Legacy
‘I give, devise, bequeath and appoint to the National Honey Show (Charity number 233656) the residue of my estate absolutely and I direct that:
I. the assets comprising such a residue shall be used for the general purposes of the National Honey Show, and
II. a receipt signed by the General Secretary or other proper officer of the National Honey Show shall be a good and sufficient discharge to my executors for the payments or transfer of the said assets to the National Honey Show and that my executors shall not be responsible for seeing to the application thereof.
Your kindness will help to insure the future of our wonderful show.Please contact the National Honey Show General Secretary if you need further advice.
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