Will legacy recipient turns out not to be a charity?

waveyjane

[oh sorry wrong board - meant this to go to Deaths, Funerals and Probate...]

My Dad named an organisation in his will for a reasonably large legacy. I used that figure in our probate application, which has now been granted. Although his will leaves the residue to my Mum, and there's no IHT payable, what happens to the cash that's not in fact IHT exempt (if I understand correctly)?

Keep_pedalling

It will simply reduce the amount of transferable NRB passing to you4 mother’s estate. I am assuming the gift was less than £325k.

What sort of organisation? If a political party it is also exempt.

Marcon

A registered community amateur sports club is also exempt.

waveyjane

Keep_pedalling said:

It will simply reduce the amount of transferable NRB passing to you4 mother’s estate. I am assuming the gift was less than £325k.

What sort of organisation? If a political party it is also exempt.

It was a parochial church council. I've been told that the benefice in the diocese which the PCC is a member of is a charity, but that includes a number of other PCCs which my father would perhaps not have wanted to share the money.

But assuming the PCC has a bank account to pay it in to (and there isn't some church rule about it being paid to them...), then it sounds like the gift doesn't fail at least. My mother's estate will be liable for IHT, so we just reduce her TNRB when the time comes?

EDIT: For fun, I thought I'd ask Google Bard, and it (with a link to the source) says I'm good to go!

Marcon

waveyjane said:

Keep_pedalling said:

It will simply reduce the amount of transferable NRB passing to you4 mother’s estate. I am assuming the gift was less than £325k.

What sort of organisation? If a political party it is also exempt.

It was a parochial church council. I've been told that the benefice in the diocese which the PCC is a member of is a charity, but that includes a number of other PCCs which my father would perhaps not have wanted to share the money.

But assuming the PCC has a bank account to pay it in to (and there isn't some church rule about it being paid to them...), then it sounds like the gift doesn't fail at least. My mother's estate will be liable for IHT, so we just reduce her TNRB when the time comes?

EDIT: For fun, I thought I'd ask Google Bard, and it (with a link to the source) says I'm good to go!

See  https://www.parishresources.org.uk/wp-content/uploads/PCC-Guide-to-IHT.pdf and scroll down to the bottom page 1.