Leaving A Legacy
Leaving A Bequest In Your Will
Leaving a legacy to Loretto is possibly the greatest gift you can make to the School and certainly one that will make a significant difference to the lives of future generations of Lorettonians. Since our establishment, Loretto has benefited enormously from the generosity of Old Lorettonians, past parents and others who have remembered the School in their wills.
Making a bequest is simple and can either be included in a new will or added as a codicil to an existing will. Furthermore it will be free from inheritance tax and capital gains tax, although you are advised to seek legal advice.
There are many reasons why you may wish to leave Loretto a legacy in your will. It may be a wish to enhance the facilities, or perpetuate the name of a loved one. Alternately you may want to express gratitude and give something back as a gesture of appreciation for your successes in later life. Or perhaps you wish to provide life-changing opportunities to others through a scholarship or bursary. Whatever your reasons, a legacy bequest can be in favour of any specific area of school development or school life as you wish.
Hely Hutchinson Almond’s inspiring leadership (Headmaster from 1862 until his death in 1903) transformed the school into one of the great boarding schools of the UK. Over a century later we still value the effect he had on shaping Loretto’s uniqueness and want to maintain this for the benefit of future generations.
In recognition of Almond’s vision we have established a society in his name to encourage Old Lorettonians and wider friends to consider remembering Loretto in their will. Our aim is to bring together a group of like-minded Lorettonians in an informal and discreet manner to acknowledge those looking to support Loretto and secure the school’s future for the benefit of generations to come.
Making a gift of shares to charity is one of the most tax efficient ways you have of supporting your favourite charitable causes. As Loretto is a registered charity, should you donate shares to the school you can get income tax relief from that donation. This form of tax relief can make a significant difference to your tax bill.
The largest impact will be for those who pay the higher tax rate as it is the donor, not the charity who will reap large tax savings – both on Income Tax and Capital Gains Tax (CGT). For example, if you donate £1,000 worth of shares, and are a higher-rate tax payer, you will receive income tax relief of 100% of the shares’ full market value (as at the date of the gift) i.e. you will receive £400 tax relief. In addition your gift of shares will not attract any capital gains liability resulting in further significant savings.
The only requirements to make such a saving you must:
- Note that shares and securities accepted are those that are listed on the UK stock market, the Alternative Investment Market and any recognised stock exchanges overseas
- Claim the tax relief yourself in your personal tax return
- Pay the amount of tax deducted (i.e. the gift cannot give rise to a tax credit)
- Give the shares intact to Loretto School (i.e. not sell them first)
You are advised to seek advice from your own professional tax adviser/accountant.
For further information please contact our Head of Operations: headofoperations@loretto.com
The Communication and Resource Centre (Incorporating the Library and Sixth Form Centre) was built in the 1990s from the proceeds of the Donald Lachlan bequest.
