Legacies are vitally important to the British Racing School as we rely on donations and legacies to fund capital projects and to provide funding for trainees for whom we are unable to access Government funding. The amount of funding we receive from the Government varies from year to year depending on their policies but is never sufficient to allow us to expand the premises, buy new equipment and improve the infrastructure of the School. In general, Government funding of apprenticeships is targeted at 16-18 year olds, this makes it very difficult for those aged 19 and over to enter our industry, in order to offer these young people to opportunity to train here, we rely on raising funds from donations and legacies.
The making of a Will is an extremely personal matter and the School makes no assumption that those who choose to leave a gift in this way will necessarily choose to inform the School of their intention during their lifetime however, the BRS is particularly grateful when supporters choose to inform the School of their plans.
If you are considering naming the BRS in your Will or would like to receive further information please contact our Finance Director, Andrew Braithwaite Andrew.Braithwaite@brs.org.uk or (01638) 665103. The British Racing School (BRS Education Ltd) is a charity (registered charity number 1161555) and as such, legacy gifts to the BRS could have tax benefits for your estate by reducing the amount liable to Inheritance Tax. Additionally, in some cases, leaving 10% or more of your net estate to charity can result in a reduction in the rate of inheritance tax payable by your estate.
Deed of Variation
If you are a beneficiary under a Will, you can also save on inheritance tax by transferring all or part of your inheritance to the School using a deed of variation. This can be an effective way to support the BRS during your lifetime.
Pension funds & life insurance policies
The BRS can also be nominated as a whole or joint beneficiary of a pension fund or life insurance policy. Naming the School as the beneficiary of a policy could allow you to make a larger and earlier gift than might otherwise be possible. You need only pay an annual premium rather than having to donate the entire value of the gift.
The preferred wording is:
“I GIVE to the Trustees of the British Racing School (BRS Education Ltd) (“BRS”), registered charity number 1161555, [the residue/% of the residue of my estate] or [the sum of £] (“the fund”) to be held by the BRS for its general purposes. The receipt of the Chairman of Trustees for the time being of the BRS shall be a good discharge to my Trustees for the fund.”
Whilst we particularly welcome legacies that can be used for general purposes we are also very happy to accept gifts for a particular use. If you would like to specify what your legacy is used for, it is always extremely helpful for us to discuss this with you to ensure that your wishes can be met. If you would like to talk to us about how you would like your legacy gift to be spent, please do get in touch.
Please consult your solicitor for advice when making or amending your Will.