We are enormously grateful to every member of the PGS family who leaves a gift to the school in their will. Every single gift, large or small, really does make a difference to the boys and girls of Portsmouth and the surrounding area by enabling us to offer excellent teaching and learning and to continue to open our doors to talented children irrespective of their families’ means.
We appreciate that making a will is a sensitive and highly personal matter, but should you decide to leave a gift to the school, we would love to know so we can thank you properly during your lifetime. Informing us of your plans will also give us the opportunity to ensure we fully understand your wishes.
Legacies left to The Portsmouth Grammar School and other charities can help reduce the inheritance tax burden on your family or others named in your will. The current inheritance tax threshold is £325,000, with tax paid at 40% on the rest of your estate. Any legacy gift to charity is free from inheritance tax, income tax and capital gains tax. In addition, if you leave at least 10% of your estate to charity, the inheritance tax due on the balance is reduced to 36%.
We strongly advise anyone making or updating a will to seek independent professional advice from a solicitor. Here is some sample wording that you might wish to take to any such meeting:
“I leave ___________ to The Portsmouth Grammar School (Registered Charity number 1063732) and would like my donation to be used by the school for its general charitable purposes”.
We hope these brief notes are helpful, but if you have any further questions, please email Melanie Bushell, Development Director, or ring her on 023 9236 4248. She would be delighted to hear from you.