Your Legacy - make a lasting impact

We believe that a University education changes lives – please help us to ensure that that it continues to do so in the future and for generations to come. Your gift can help support student scholarships, improve facilities or fund research.

We are truly grateful to alumni, staff and friends who have already chosen to remember the University in their will, and if you are considering this type of gift, thank you. Every gift of any size will make a real difference.

If you have already included the University in your will, if you are considering a gift, or if you would like to find out more about Legacy Giving, we would be delighted to hear from you. Please contact Anita Irving (0161 295 3396; a.irving@salford.ac.uk).

Your Legacy – useful information

This information is for general guidance only. We recommend that you seek detailed professional advice from a bank, financial adviser, solicitor or accountant when making or changing your will.

• University’s Tax Status - The University of Salford was granted the status of an exempt charity by a Statutory Instrument passed in May 1967
• Inheritance Tax threshold - Inheritance Tax is the tax imposed on the estate of a person whose permanent residence was in the UK. The tax threshold and rate of tax are usually reviewed annually by the Chancellor of the Exchequer and implemented with effect from 6 April at the start of each new tax year. If your estate is worth more than the nil-rate band, currently set at £325,000 for individuals at the time of your death, your estate may be liable for Inheritance Tax at the rate of 40% on all your assets above the nil-rate band. This applies to all your assets, including your house. Remember that each party to a marriage or Civil Partnership has their own nil rate band. This provides a combined tax free allowance of £650,000

One way to limit your estate’s exposure to Inheritance Tax is to leave a legacy to an institution with charitable status such as the University of Salford. Leaving a legacy of at least 10% of the value of your estate, will reduce the rate to 36%. The legacy is free of tax, i.e. its value is deducted from the total assets of the estate liable for Inheritance Tax.

You can obtain further general information booklets from the Inland Revenue Capital Taxes Office.

HM Revenue and Customs

0845 30 20 900

www.hmrc.gov.uk/cto/iht.htm

Information for your bank or solicitor

You may find the following information useful when you visit your bank or solicitor.

Suggested wording: The wording below can be adapted to suit your particular needs and wishes.

• Unrestricted pecuniary - "I give to the University of Salford of The Crescent, Salford, M5 4WT, UK, the sum of [in words] pounds (£x) to be spent wherever the need is greatest."

• Restricted pecuniary - "I give to the University of Salford of The Crescent, Salford, M5 4WT, UK, the sum of [in words] pounds (£x) for the benefit of the [Project/Fund/Department of ___________]."

• Restricted residuary - "I give to the University of Salford of The Crescent, Salford, M5 4WT, UK the residue of my estate to benefit students in the greatest financial need.”

• Endowed unrestricted residuary - "I give to the University of Salford of The Crescent, Salford, M5 4WT, UK, [all/a percentage share] of the residue of my estate to be invested in the University of Salford Endowment Fund, the income from which is to be spent annually wherever the need is greatest."

• Endowed restricted pecuniary - "I give to the University of Salford of The Crescent, Salford, M5 4WT, UK, the sum of [in words] pounds (£x) to create 'The __ __ __ __ Fund', the income from which is to be spent annually on scholarships for research students. It is my wish that the University of Salford shall, in its discretion, have power to expend both principal and interest should unforeseen circumstances so require."

• Unrestricted reversionary - “I give [all/a percentage share] of the residue of my estate to my Executors on trust for my wife/husband/civil partner/son/daughter during his/her lifetime and on his/her death to the University of Salford of The Crescent, Salford, M5 4WT, UK, to be spent at the discretion of the University of Salford."