Robert Retford Fund
Robert Retford had a lifelong passion for education and was committed to providing the best opportunities for young people. He spoke to his solicitor about setting up a special fund from his estate to benefit young people in Newark and Sherwood, the area in which he lived. Roberts friends meet once a year to decide which groups to support.
Joyce Burton who sits on the grants panel said: “It was typical of Robert that he set this fund up quietly to benefit the area he had adopted and loved”. He could have set up a separate charitable trust, but decided to come to the Community Foundation. With the professional advice given by the staff at the Foundation, it has allowed Robert’s friends and family to remain involved, without the responsibility of becoming trustees and all the administration involved in setting up a trust.
Leaving a Legacy
When a legacy is left to a charity, the gift is totally tax free – regardless of the amount. Moreover, the value of the gift is deducted from the total gross value of the estate.
The total value of a person's estate is calculated on their death. If their estate is worth more than the tax threshold, the amount above the threshold is liable for Inheritance Tax.
The current tax threshold (April 2007/8) is £300,000 and the rate of Inheritance Tax is 40%.
For example: If the value of the estate is £10,000 over the tax threshold, £4,000 in tax must be paid.
However, if a legacy of £10,000 is left to a charity, no tax is payable on the estate as the legacy is tax exempt and this would bring the estate to below the tax threshold.
If you are interested in starting your own fund or require any further information about supporting Nottinghamshire Community Foundation,
please contact Zoë Keens on 01623 636365.