A legacy is one of the simplest and most flexible ways of giving
Anyone can leave a gift in their Will, and there are a number of ways to remember Tate in this way - by leaving a sum of money, a work of art, or by leaving a percentage of your estate to the gallery.
We would advise that you always discuss your plans with a solicitor, but we have highlighted some of your options below, as well as tax benefits available when remembering Tate in your Will.
Types of legacies
There are five types of legacies you can use when making your Will:
- A residuary legacy – a gift of a percentage of your estate after other bequests have been met
Suggested wording for your Will [PDF, 25 Kb]
- A pecuniary legacy – a gift of a specific sum, the value of which can be index-linked, meaning that the value of your gift increases in line with inflation
Suggested wording for your Will [PDF, 324 Kb]
- A specific or non-monetary legacy – a gift of an asset or assets such as property, stocks and shares, or works of art or archive material for the collection
Suggested wording for your Will – assets or share [PDF, 176 Kb]
Suggested wording for your Will – art or archive material [PDF, 406 Kb]
- A reversionary legacy – a gift to Tate after you have provided for your family first during their lifetime, this is paid after the death of other named persons, for example a spouse
Suggested wording for your Will [PDF, 641 Kb]
- A conditional legacy – a gift to Tate if other beneficiaries have predeceased you or where the legacy or gift fails for some other reason
Suggested wording for your Will [PDF, 722 Kb]
Legacies can be used to support many specific areas of Tate, but general legacies are usually the most beneficial way to support our aims. These ‘unrestricted’ wishes give us the flexibility to use your gift in the most effective way to support areas of greatest need.
Tax efficient giving
As well as being a very special and thoughtful way of supporting Tate, leaving a legacy can be an effective way to reduce Inheritance Tax on your estate.
In April 2012, a change in inheritance tax legislation means that anyone who leaves ten percent or more of their estate to charitable causes like Tate in their Will, receive a reduced IHT rate. This reduction means that the benefit to Tate would be four times greater than before, without additional cost to loved ones and those closest to you.
Leaving a gift in your Will to charity is completely free from Inheritance Tax, which means a bequest to Tate will be deducted from the value of the estate before any tax liability is calculated.
If the value of your estate is over the Inheritance Tax threshold, it will be liable to the current rate of Inheritance Tax even if you have made a Will. A gift to us can lower that excess, which could reduce or eliminate tax which might otherwise be payable out of your estate.
Other Tax Incentives
The Arts Council England also has schemes which are geared towards offering tax incentives in connection with cultural property.
Acceptance in Lieu
The Acceptance in Lieu scheme enables taxpayers to transfer important works of art and other important heritage objects into public ownership while paying Inheritance Tax, or one of its earlier forms. The taxpayer is given the full open market value of the item, which then becomes the property of a public museum, archive or library.
Cultural Gifts Scheme
The Cultural Gifts Scheme enables UK taxpayers to donate important works of art and other heritage objects to be held for the benefit of the public or the nation. In return, donors will receive a tax reduction (income tax, capital gains tax or corporation tax) based on a set percentage of the value of the object they are donating.
Find out more
To request an information pack, containing more information about the different ways to leave a legacy, or to speak with Tate’s legacy team, please contact:
Millbank, London, SW1P 4RG
Call +44(0) 20 7821 2961