Leaving a Legacy

"Bradfield would not be in its current position without the foresight and generosity of its supporters. I therefore invite all those with a strong place for Bradfield in their heart to continue this tradition and consider leaving a Legacy to the College."

Dr Chris Stevens, Headmaster

Cutting your Inheritance Tax

Not only will your legacy donation be hugely important to the College, but it is also advantageous to you from a tax perspective.

HMRC guidance states that:

Your donation will either:

  • be taken off the value of your estate before Inheritance Tax is calculated
  • reduce your Inheritance Tax rate, if more than 10% of your estate is left to the charity

You can donate:

  • a fixed amount
  • an item
  • what’s left after other gifts have been given out

For a worked example of what this could mean for you, please refer to Cutting your Inheritance Tax bill by the Money Advice Service.

Jargon Buster - What type of Legacy to leave?

A gift may take form of a residuary, pecuniary or specific legacy, which may include a monetary gift, buildings, shares, land or other property. Your legal and tax advisors will be able to recommend the best way to formulate your request.

Residuary Legacy

The residue of your estate is the value remaining once all pecuniary legacies, debts, fees and other charges have been met. You might decide to leave the entirety or part of the residue to Bradfield College. The advantage of a residuary bequest is that its value is unaffected by inflation.

Pecuniary Legacy

A gift of a fixed sum of money. The value of the gift may reduce over the years because of inflation. You might want to consider index linking the sum so that the value of the bequest remains as you originally intended. You may like to consider setting aside a percentage of your estate rather than a fixed sum.

Specific Legacy

A legacy need not be in the form of money. You may wish, instead, to leave specific assets, such as property stocks and shares, works of art or other valuables. Please let the Foundation know any specific intentions attached to your gift as the College may otherwise sell such non-financial gifts and use the proceeds as necessary.

Reversionary Legacy

A gift that enables you to provide for your family or friends and to benefit the College. It involves leaving assets to a chosen beneficiary to benefit them during their lifetime, with the whole or a portion reverting to the College upon their death.

In Memoriam Gift

An immediate gift that can set up a Fund in remembrance of a loved one. Many individuals have established In Memoriam funds to provide bursaries and prizes or have provided a bench or tree for the College campus. Please talk to the Foundation for further information regarding In Memoriam giving.

Example wording

I leave to The Bradfield Foundation of Bradfield College, Bradfield, Berkshire, RG7 6AU (Charity No, 900457), £ (cash amount), or % of my residuary estate or property (please specify) … On realisation of the bequest a receipt from the Bursar or other authorised officer shall be sufficient discharge for my Executors.

Writing a Will can be a challenging process, so it is a good idea to take advice from a solicitor or accountant who specialises in estate planning to ensure that everything is set up as you wish. Additionally, changes to the IHT allowance or the value of your estate could make a big difference to the amount of tax on your assets, and tax rules do change, so be sure to review your Will frequently.