Remembering Whittington

A legacy in your Will is one of the most enduring gifts you can make, and will ensure that music lovers in Oswestry and the Welsh borders can continue to enjoy outstanding music-making in this beautiful corner of Shropshire. Every contribution, whether large or small, is deeply appreciated and will make a real difference to the future of the festival.

After you’ve made provision for your family, would you consider remembering Whittington Music Festival in your Will? Your generosity in leaving your own musical legacy will enable world-class music-making to flourish here.

How to leave a legacy to the Whittington Music Festival

Leaving a gift in your Will is easy to arrange, and enables you to specify the type of gift you wish to make. For instance, you may choose a specific sum or the gift of an asset such as stocks and shares.

When considering your gift, a solicitor will be able to provide detailed guidance on the various types of legacy gifts. If you have already written your Will and wish to include a gift, you can make an addition by including a codicil, or note of amendment, to your existing Will.

We appreciate that leaving a gift in your Will is a very personal decision, but if you are thinking of remembering the Whittington Music Festival please consider telling us. Legacies allow us to plan with confidence, maintain and build on our tradition of musical excellence and develop ideas to encourage new audiences of all ages to discover the joy of music.

A charity gift can reduce the tax bill 

Your gift to Whittington Music Festival will be exempt from Inheritance Tax but if it is more than 10% of the net estate the rate of tax is also reduced by 10%. 

Let’s look at the example of Raymond who leaves his heirs assets of £600,000 after paying funeral expenses and other liabilities. The tax-free nil-rate band of £325,000 leaves a taxable balance of £275,000. Tax on this is 40%, £110,000, leaving £490,000 for Raymond’s heirs.

Fortunately, Raymond remembered Whittington Music Festival in his Will with a gift of £30,000. The gift is more than 10% of that taxable balance of £275,000, so the calculations change. No tax is paid on the nil-rate band or the charity legacy, leaving a taxable balance of £245,00: this is taxed at 36%, £88,200, leaving £481,800 for Raymond’s heirs. In other words, the £30,000 gift to charity has cost the heirs £8,200.

It’s not too late

If the Will did not include a charity gift but Raymond’s heirs would like to benefit Whittington Music Festival they can reassign some or all of the inheritance by stating their wish in writing to the executors of the Will. This is known as a Deed of Arrangement and the estate is dealt with as if the Will had included the change and the tax reduction applies in the same way.

If you would like to discuss any of these ideas, please contact the Friends’ Secretary who will arrange free advice.