A Good Gift is a wonderful way to mark a death and celebrate a life. It provides a lasting memorial.
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You can include a Good Gift in your will.
All gifts from the Good Gifts Catalogue can be made as 'in memoriam' gifts. They are gifts to charity (exempt gifts); so do not incur inheritance tax (death duties).
Giving an In Memoriam gift through the Good Gifts Catalogue can save inheritance tax. So, for example: endowing a village library would cost the estate £720 (not £1,200); sponsoring a football team would cost £180 (not £300); and planting a drift of daffodils would cost £135 (not £225).
Your heir(s) can make a gift, in your name, after your death. If they do so before completing the IHT 400 they can simply enter it under Exemptions and Reliefs.
You can make the Gift within 2 years of the death by drawing up a deed of variation and submitting it to the Inland Revenue: you will need to refer to the Inheritance Tax Account, the IHT 400 and its notes.
If more than 10% of the estate is donated to charity, inheritance tax is paid at a reduced rate. Contact HMRC for further details.
Many estates do not pay inheritance tax and a variation which gives a gift to charity by such estates will not produce a change in the tax position. You only need to submit the deed of variation to the IR if there are going to be immediate inheritance tax consequences.
HMRC has very helpful publications:
- CGT/ FS1 - Capital gains tax. A quick guide
- IOV2 - Instrument of variation (PDF 61K)
How to account for the gift to the Inland Revenue
When completing the account for an estate you complete the IHT 400 for HMRC. The form has a section headed 'Exemptions and Reliefs'. Enter the details of the gifts in this section.
Inheritance tax forms are available online here: www.hmrc.gov.uk/inheritancetax/iht-probate-forms/index.htm
Probate and Inheritance Tax Helpline: 0845 30 20 900 (The Inland Revenue helpline really is helpful. Contact them on this number and they will guide you through the form filling).
If you want more information or help choosing appropriate gifts, just call, we’re here for you, 0207 794 8000 or email firstname.lastname@example.org
How It Works
At Good Gifts, we do precisely what it says on the tin: your money buys the gift described.
And because we know the importance of knowing where your money goes, we guarantee it. And the delivering charities guarantee it too.
Peace Oil® is produced in Israel by Jews, Arabs, Druze and Bedouin working together. Grown in the foothills of the Carmel Mountains, the olives are pressed within hours of picking, to produce this prize winning extra virgin olive oil.
Ideal for Christmas stockings, party and wedding favours and small presents. Your Little Good Gift is described in a pretty gift card on which to write your own message. Sorry! The card is too small to print a message on.
Responding to your feedback, we’ve launched Gigantic Good Gifts designed for individuals, companies and institutional givers who want to fund a whole project from £1,000 to £25,000.