TAX EFFICIENT financial support to the Severn Valley Railway
A financial bequest in your Will is a tax-efficient way of contributing to the Severn Valley Railway.
The threshhold for Inheritance Tax in 2007/8 is £300,000, with the tax payable at 40% on the value of the estate above that figure. Inheritance Tax is assessed on the value of your estate at death. The value includes everything that you own - your house, contents, savings accounts, investments, vehicles, etc.
If your estate value exceeds £300,000, your estate will be liable to Her Majesty's Government's Inland Revenue for the 'excess' at 40%.
However, Legacies to Registered Charities are exempt. You can choose to bequest such a sum of money to the SVR Rolling Stock Trust (registered charity) that reduces the value of your estate to the limit for Inheritance Tax.
Thus you will be giving your money to the Severn Valley Railway, rather than to the Inland Revenue. Increasing numbers of SVR supporters are choosing to follow this astute means of contributing to the Railway's future.
Codicil to a Will
If you have already made a Will, but would like to add a bequest to the Trust, you can complete a Codicil which is then attached to the Will. It is best to describe the bequest as a percentage (for instance, 100% if you wish to leave the entire residue) rather than a specific sum, which can be overtaken by inflation.
Your Solicitor will be able to help you with this, or you can complete a Codicil yourself, following this format:
| SVR Rolling Stock Trust Company Ltd |
Registered No 4341280, Registered Charity No 1092723 |
I, (name) , of (address)
|
declare this to be a first / subsequent Codicil to my Will dated_____________________________ |
| In addition to any legacies given by my said Will, I bequeath to the SVR Rolling Stock Trust Co Ltd (registered charity no 1092723) |
all, or __________ percent, of the residue of my estate, or the sum of £____________________________ |
In all other respects, I confirm my said Will, and any other Codicils thereto. |
In witness thereof, I have hereunto set my hand, this __________ day of ____________________ 20____. |
Signed |
| Signed by the said ________________________________________ as a Codicil to his/her Last Will, |
in the presence of us, who at his/her request, in his/her presence, and in the presence of each other, have hereunto subscribed our names as witnesses. |
Signature of first witness |
| Name |
Address |
Signature of second witness |
| Name |
Address |
| Codicil for attachment to Will |