Extratime will never be self sustaining and will always rely heavily on raising additional funds through other charities and fundraising events we can organise ourselves. Approximately one third of our income comes from fees, one third from statutory funding (local and national government sources), and one third we have to raise from other charities, trusts, fundraising events like the Brighton Marathon, as well as private and corporate donations.
http://storelocator.asda.com/store/brighton-hollingbury – this link takes you to the page for Asda Hollingbury and if you scroll part way down there’s a box headed ‘You choose’ with a ‘nominate’ button where people can nominate local charities for support – please take a few moments to complete this on our behalf.
Where there’s a will….
Legacies and charity giving.. a useful news snippet from our friend at Renaissance Legal, Phil Warford, www.renaissancelegal.co.uk
‘As I’m sure many of you know, on 6 April The Government introduced a lower Inheritance Tax rate of 36% for taxpayers leaving 10% or more of their estate to charity – after the deduction of the ‘nil rate band’.
This could have significant financial impact on legacies left to charities.
Here is a simple example of how this initiative could financially benefit the charity of your choice, as well as the taxpayer.
Fred has a net estate worth £825,000. The first £325,000 of the estate is covered by the Inheritance Tax ‘nil rate band’ and the remaining £500,000 is liable to Inheritance Tax at the rate of 40%. Therefore, if Fred leaves his whole estate to his children, the Inheritance Tax bill will be £200,000.
However, if Fred were to utilise the new tax discount, leaving 10% of his net estate to charity, the result would be a £50,000 gift to charity and the remaining £450,000 taxed at the reduced rate of 36%. Therefore, his final Inheritance Tax bill will be £162,000 and importantly the overall reduction of the children’s inheritance would be only £12,000.’
Extratime will shortly be providing some new information about other ways to help support the charity including legacies, corporate fundraising and company payroll giving…