Charity wills helped by Budget

People thinking of leaving charity wills have been told that there will be improved tax breaks on these documents.

Chancellor George Osborne said that people who make a will and leave at least some of their estate to charity will have their inheritance tax rate reduced by ten per cent.

Ms Osborne said: "If you leave ten per cent or more of your estate to charity, then the government will take ten per cent off your inheritance tax rate. Let's be clear. No beneficiaries will be better off. Just the charities, to the tune of £300 million."

He said that the aim of the "ten for ten" initiative was for people to increasingly give ten per cent of their assets to good causes.

However, the Financial Times argued that the move will result in a will beneficiary being negatively impacted on in the sense that they will be left with less money. Despite this, the news source said that wealthy people may still want to take advantage of the measure, as more of their money will go to charities of their choice rather than the government.

Published by Hannah Carr