I am 70-year-old man, single, and in reasonable health for my age. I do not have any siblings and would like to give the bulk of it to charities on my death.
A 70-year-old man with savings exceeding the inheritance tax (IHT) threshold is considering leaving his money to charity. Gifts to registered UK charities are exempt from IHT, regardless of when they are made. If 10% or more of the net estate is left to charity, the IHT rate reduces from 40% to 36%. Lifetime donations via gift aid can also provide tax benefits, with charities claiming additional funds from HMRC and higher-rate taxpayers reclaiming部分 tax.
