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WashU alumni, parents, and friends in the UK who wish to support Washington University are now able to make outright gifts and bequests to UK Friends of WashU Limited. Eligible donors who are either UK taxpayers or U.S./UK dual taxpayers will now receive tax benefits for their gifts.
UK Friends of WashU Limited is a private limited company approved by the Charities Commission for England and Wales and is recognized by the U.S. Internal Revenue Service as a 501(c)3 charity and is solely owned by Washington University. Please do consult with your legal and tax advisors before making a charitable gift.
Gifts made to UK Friends of WashU by UK taxpayers generally qualify for Gift Aid, a form of UK tax relief designed to encourage charitable giving. Under Gift Aid, the UK Friends of WashU can apply to His Majesty’s Revenue and Customs (HMRC) to claim the basic-rate income tax that has been paid on the gross amount of the gift, thereby increasing the value of your gift to Washington University at no extra cost to you.
Example: If you make a gift of £1,000, UK Friends of WashU will be able to recover a further £250 from HMRC. If you are a UK higher-rate taxpayer, you may be entitled to claim further tax relief in your self-assessment tax return.
If you are subject to tax in both the UK and the U.S., you may also be eligible to claim a U.S. charitable income tax deduction for the amount of your gift, including Gift Aid reclaimed, on your IRS Form 1040. Both the UK Friends of WashU and Washington University will send acknowledgment letters to donors for UK and U.S. tax purposes.
Estate and planned gifts help ensure the university’s continued success. With the establishment of UK Friends of WashU Limited, donors subject to UK Inheritance Tax may leave a bequest for Washington University tax-efficiently.
It is simple to include a bequest to the UK Friends of WashU in a new will or a ‘codicil’ that supplements your existing will. You should always work with appropriately qualified legal and tax advisers to discuss the best approach for your personal circumstances; it is possible that creating a new will may be more appropriate than supplementing by codicil in some circumstances.
Tax Relief
A bequest under your will to the UK Friends of WashU will be free of UK inheritance tax, that is, it will be deducted from your estate before inheritance tax is applied.
In addition, if you leave 10% or more of your taxable estate to charity, it will be eligible for a reduced rate of UK inheritance tax (36%, reduced from the usual 40%). If you were already planning to give 4% or more to charity, this incentive allows you to ‘top up’ to 10% without taking anything away from your family and other non-charitable beneficiaries. Be sure to discuss this with your legal and tax advisers as it may be sensible to include specific wording in your will to ensure that all your charitable bequests together amount to 10% of your total taxable estate.
UK Friends of WashU is also tax-efficient for U.S. purposes, as they are considered to be a bequest to Washington University for U.S. tax purposes.
Donors interested in making an estate or planned gift should contact the Office of Planned Giving at Washington University.
Wire Transfer
You can wire pounds sterling to the following UK Bank of America account:
Account Name: UK Friends of WashU Limited
Sort code: 16-50-50
Account number: 86464014
SWIFTBIC: BOFAGB22
IBAN: GB87 BOFA 16505086464014
You can wire U.S. dollars to the following UK Bank of America account:
Account Name: UK Friends of WashU Limited
SWIFTBIC: BOFAGB22
IBAN: GB65 BOFA 1650 5086 4640 22
Cover bank: Bank of America N.A. New York
SWIFT code: BOFAUS3N
Cheque
You can post a check to:
Sarah Collin, Foundation Administrator
UK Friends of WashU Limited
99 Durlston Road
London
E5 8RP
For any questions, please email Sarah Collin or call +442033808435.