Legacies are a way for you to leave something in your will to someone or something you care about. By leaving a gift to The Poetry Society you’ll be helping support our work throughout the country. The Poetry Society has been making poetry thrive in the UK for over a hundred years, with your help we can keep supporting poets and poetry for years to come.
Below is a guide to the different types of legacies, but if you have any further questions or would like some more guidance just get in touch.
Types of legacies
When considering a legacy gift in the UK, there are four main types of bequest, some of which may be more appropriate to your financial or personal circumstances.
Residuary: This is a gift of the whole or a percentage of the estate following the distribution of specific gifts and payment of any debts and expenses.
Pecuniary: This is a financial gift of money or shares.
Specific: This is a gift of an item, such as a manuscript or portrait. When considering a specific bequest, it is advisable to speak to The Poetry Society to make sure that we can offer a suitable home for the object.
Reversionary: This is a gift of an asset, such as a house or fund that can be enjoyed by a chosen beneficiary during his or her lifetime before reverting to The Poetry Society.
We strongly recommend that you draft your Will in consultation with a qualified solicitor. The following wording is only a guide. Because the Poetry Society is a registered charity, bequests – be they residuary, pecuniary or specific – will not be subject to inheritance tax in the UK.
For Residuary Legacies
I GIVE the whole (or a xx% share) of my Residuary Estate to THE POETRY SOCIETY of 22 Betterton Street, London WC2H 9BX (Registered Charity Number 303334) absolutely and I express the wish but without imposing any binding trust or obligation that this be used in / applied towards…
For Pecuniary or Specific Legacies
I GIVE a pecuniary / specific legacy free of all tax of £xx to THE POETRY SOCIETY of 22 Betterton Street, London WC2H 9BX (Registered Charity Number 303334) and I express the wish but without imposing any binding trust or obligation that this legacy be used in / applied towards…
Reversionary legacies should be drafted in consultation with a solicitor.
Inheritance Tax is currently charged at 40% if your estate is over a certain value. The threshold for Inheritance Tax can change so you’ll need to keep up-to-date with these changes to prevent any beneficiaries paying more Inheritance Tax than necessary. In the terms of a Will, there are a number of gifts which can help to minimise the Inheritance Tax liability on your estate. These include gifts between spouses and gifts to charities. Information on Inheritance Tax can be found on the HMRC website.
From April 2012, the government introduced a change to Inheritance Tax legislation meaning in some situations, anyone leaving 10% or more of their taxable estate to charity will qualify for a reduced rate of Inheritance Tax. If you think that your estate is going to be subject to Inheritance Tax please discuss this with your solicitor.