A recent insight reflected on how charitable gifts in Wills are now in decline and how, with the pandemic, charities’ income could drop by up to 15% this year.
There is however some good news for charities in that the downturn may not be as bad as previously expected. Long-term, the forecasts are that charitable gifts will continue to grow, from £2.9 billion in 2019 to around £3.5 billion in 2024. However this is of course only a projection and will not help charities with the expected drop in this year’s income.
It is likely that the impact of the Covid will squeeze charitable giving even further in the immediate future, although various Inheritance Tax exemptions do remain for now. You can find out more about leaving a gift in your Will, Inheritance Tax and passing on your assets in our downloadable guide.
If you are interested in putting a Will in place but want to help charities directly, you may decide to complete your Will under a charitable scheme through Tozers. These run at various times throughout the year and see the firm waive its fees for putting simple Wills in place for you, inviting instead a donation to charity. To talk this through with someone then please visit our specialist Wills hub page or contact a member of the team.