A Gift in Your Will
Leaving a Gift in your Will costs you nothing in your lifetime, and a little gift goes a long way. A costume for a child in a Norfolk Schools Project costs £2.50, £400 pays for a new spotlight bulb to highlight the stars visiting our stage, £600 pays for a signed performance for the hearing impaired and £30,000 pays for a full Norfolk Schools Project.
Gifts in wills contribute £1.9 billion a year to charities in the UK, with less than 1% of gifts for the arts. To date Norwich Theatre Royal has never received a gift in a will.
Norwich Theatre Royal is close to peoples hearts for different reasons, whether it’s though a treasured memory, a thirst for new experiences or a commitment to the arts, it is part of all our lives and lasting memories. So once you’ve remembered the people you care about, please don’t forget the charity that is close to your heart.
If each person who bought tickets for Norwich Theatre Royal this year left just £10 gift in their will, the theatre would receive future gifts worth of over £670,000 – imagine what a difference that could make. All gifts, large or small, make a real difference to the theatre and our work in the community.
We understand that a will is extremely private, and if you would like to leave us a gift you can do so without letting us know by speaking to your solicitor or downloading a codicil form. But if you do wish to let us know of your intended pledge we can thank you and update you about our work, and if you wish involve you in decisions about our future.
If you want to talk in confidence about leaving a gift in your will to Norwich Theatre Royal please contact Paula Sanchez, Development Director, on:
telephone: 01603 598 558 or
How to Leave a Gift
Making a Will isn’t complicated and needn’t be expensive:
- First, appoint a professional adviser - usually a solicitor or bank.
- Next, work out how much you have to leave, including the total sum of your property, money and possessions, less any outstanding mortgages or loans.
- Decide who you want to benefit from your Will. For example, your family, friends and favourite charities or good causes.
- Choose executors to make sure your wishes are carried out. These can be professional advisers, friends or family members – or one of each.
- Finally, keep your Will safe and make sure your executors know where to find it. Give one copy to your solicitor or bank.
If you already have a will you can add a codicil to include Norwich Theatre Royal, without having to write a new will.
Are there tax advantages?
We strongly recommended that you ask your solicitor or other professional adviser about the best ways to reduce tax, as estates will vary for each person.
Legacies are exempt from inheritance tax (currently 40%), so it may help reduce the amount of tax payable if your estate is over the exempt threshold. At the time of writing (April 2011), the inheritance tax threshold is fixed for another 3 years at £325,000 for an individual or £650,000 for married couples or civil partnerships.
For example if your estate is worth £335,000 (car, house, life insurance etc)
Except threshold £325,000
Taxable amount £ 10,000
The inheritance tax payable in this instance would be £4,000. However gifts to charity are inheritance tax exempt, and therefore if you donate your taxable portion to charity they will receive £10,000 at a cost of £6000 to you.
There are no minimum or maximum amounts involved, meaning you can plan your estate personally to minimise or remove your inheritance tax, and maximise your giving to charity.
From April 2012, a reduced rate of inheritance tax of 36 per cent for estates leaving 10 per cent or more to charity will be introduced, as announced in the 2011 Budget.
In addition, there is no capital gains tax payable on death, so if you leave a portfolio of shares to Norwich Theatre Royal then no capital gains tax would be payable on the transfer of these shares.
What do the technical terms mean?
You may find that our simple glossary helps to explain some common terminology, your solicitor will be able to advise you.
- Beneficiary - a person or charity who benefits from a gift in your will
- Bequest - a gift in your will
- Codicil - a “supplement” making a change or addition to your will
- Estate - the total sum of all your possessions
- Executor - a person charged with ensuring that your wishes expressed in your will are carried out. Executors can also be beneficiaries
- Inheritance Tax - the tax levied on your estate if worth over a certain amount
- Intestacy - dying without having left a will
- Legacy - a gift in your will
- Legator - a person who leaves a legacy
- Pecuniary legacy - a gift of a sum of money
- Residuary legacy - a gift of all or part of what is left of your estate after settlement of all debts, taxes, costs and other legacies
- Reversionary legacy - a gift which reverts to a second beneficiary when the original beneficiary dies
- Specific legacy - a gift of a particular item in our will
- Witness - anyone who witnesses your signature on your will. A witness cannot be a beneficiary