Have you thought about leaving a Legacy in your will to The Paddock Art Studios?
The Paddock Studio is a charity and run entirely by volunteers. It was established by Cecil Heathfield who was Art Adviser for the area in the 1940’s. He bought the derelict building and decided to turn it into an art studio in order to extend the creative opportunities for the people in and around Lewes. It was after Cecil’s death, in the 1970’s, that his widow arranged for the studios to become a Registered Perpetual Charity, which means that the property cannot be sold off or used for any other purpose than adult education in the arts – effectively giving Paddock Studios to the people of Lewes.
The basic costs of running the building are met from the rent we charge for classes but we do always face larger demands for more substantial building repairs, alterations and the updating of equipment. Any donations that we receive, however small, are greatly appreciated and used to support this much loved facility.
One way you can make a tax efficient donation is to leave a legacy in your will. Making a will is understandable a very personal and sensitive business, but every gift left in a will, whatever the size would always make a big difference to LADVAA.
The existing Charity Exemption means that any gifts left to charity do not attract IHT. So every £100 left only costs your estate £60. This can be achieved by drafting a codicil to your will, via your solicitor.
Furthermore for deaths on or after 6 April 2012, estates that include charitable legacies of at least 10% of the net estate will benefit from a 36% rate of IHT (compared with the main IHT rate of 40%).