Traditionally, most legacies left to the Foundation are used to support our bursary schemes. Over time, we want to be able to offer 20 such places each year, with all costs covered by the interest earnings of the recently established Bursary Endowment Fund. Talking to members of the 1807 Society, we know that this focus on future bursary beneficiaries is important to those who have already pledged bequests to the Foundation.
Leaving a legacy to the Schools also has significant tax advantages. It reduces Inheritance Tax on an estate and is also free of Capital Gains and Income Tax. Moreover, following changes announced in the April 2011 budget, if you leave 10% or more of your estate to charity (and this can be spread across several different charities), you will now only pay 36% Inheritance Tax on the taxable remainder of your estate.
Anyone making a legacy pledge to the Foundation is invited to join the 1807 Society and also has the opportunity to discuss how their bequest will be used in detail. For further information on this, the gifting of shares, or the donation of a Leadership Gift, please contact Nick Priestnall in the development office.