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NewsOsborne calls on Britons to bequeath wealth to charities
Osborne calls on Britons to bequeath wealth to charities
Posted by Craig Williams
People in the UK are being encouraged to bequeath some of their wealth to third sector organisations.
According to chancellor of the Exchequer George Osborne, those who leave at least ten per cent of their assets to charities will have the same proportion deducted from their inheritance tax rate.
Mr Osborne described this as a "major change" to the inheritance tax system that could leave charities about £300 million better off.
"I want to make giving ten per cent of your legacy to charity the new norm in our country," he stated.
The latest figures from Unbiased.co.uk indicate that nearly eight out of ten people in the UK intend to bequeath their assets to relatives.
However, statistics also show that almost 4.5 million are looking at donating some of their wealth to a charitable organisation.
Mr Osborne, who unveiled the reforms in this week's Budget address, confirmed that the new inheritance tax system will be implemented in April 2012.
24/03/2011 16:56
News category: Family