Step publishes draft model clause for Wills

  • Posted

The Society of Trust and Estate Practitioners (Step) has revealed a draft model clause for Wills.

It is proposing a reduced rate of Inheritance Tax (IHT) where there is a charitable legacy of ten per cent or more left in a document of this type. Wendy Walton, chairman of the Step technical committee, pointed out HM Revenue and Customs (HMRC) has recognised the take up of the measure will depend on the “extent to which the reduced rate is promoted by charities and by professional advisers”. She added HMRC has also encouraged the use of standard clauses and as a result of publishing this draft model clause, Step is urging charitable giving through making it easy for people to take part in the initiative. Research by accountancy firm Grant Thornton previously found 62 per cent of individuals believe they are liable to pay IHT, when in effect it only applies to around two per cent of people, reported Accountancy Age.


    How can we help you?

    Please fill in the form and we’ll get back to you as soon as possible or to speak to one of our experts call
    0330 404 0749

    I accept that my data will be held for the purpose of my enquiry in accordance with Ashtons
    Privacy Policy

    This site is protected by reCAPTCHA and the Google
    Privacy Policy
    Terms of Service

    How can we help?

    If you have an enquiry or you would like to find out more about our services, why not contact us?