Tax efficient giving
Gift Aid - If you are a UK taxpayer then you can Gift Aid your donations. Gift Aid allows us to reclaim an extra 25p in tax from the Inland Revenue for every £1 you donate at no additional cost to yourself.
To qualify for Gift Aid, what you pay in income tax and/or capital gains tax must be at least equal to the amount of tax that all the charities or Community Amateur Sports Clubs (CASCs) that you give to will reclaim on your gifts for that tax year.
Supporting the Library with a gift in your Will is a far-sighted and tax-efficient way of helping future generations of Manchester students and researchers, and the local communities who engage with our communities.
You may like to consider structuring your support for the Library in one of the following ways, according to the scale and purpose of your gift:
- A bequest to the Innovation Fund
Unrestricted gifts, the applications of which are left to the discretion of the Librarian, are most valuable as they can be used wherever the need is greatest. Over time our Library resources change so it is best to avoid stipulating very specific purposes as this may prevent your gift from being used.
- Create an Endowment
Perhaps you might like to create an Endowment to enable us to care for our Collections.
- Link a gift in your Will to a lifetime gift
You may be interested in seeing the difference your support and careful estate planning can make during your lifetime. It is commonplace across the University for donors to make a gift during their lifetime, where an element is put to immediate use, with the remainder beginning to build an endowment which can be added to by a gift in your Will
There are different types of legacy gift which you may like to consider:
- Pecuniary – A specific amount
This is a simple legacy of a specified sum of money. If you are considering making this type of gift, you might want to make it inflation proof. This can be avoided by linking it to the Retail Prices Index, or setting aside a percentage of your estate for the Library.
- Gifts In Kind
A legacy need not be in the form of money. You may wish instead to leave specific assets such as property, stocks and shares, works of art, rare books, or other valuables.
This is a legacy which requires the fulfilment of a certain condition, or event or specific criteria. For example, an individual may leave their entire estate to their spouse to use in their lifetime, and on their death the bequest reverts to charity.
The University of Manchester is exempt from Inheritance Tax and Capital Gains Tax (exempt charity number XR82062). This means the University pays no tax on gifts or money or property made after your death or during your lifetime. Please do also let us know if you are thinking of remembering us in this thoughtful way so that we can say thank you!
Making a will is, of course, a very personal matter, and we would be sincerely grateful if you chose to express your support and affection for the Library in this way. Should you wish to remember the Library in this special way, you may wish to incorporate some the following wording into your will:
"I give unto The University of Manchester (exempt charity number XR82062) a % share [or a specific sum], or the whole of the residue of my estate] for the University of Manchester Library. I direct that the receipt of the Registrar, or other proper Officer of the University, shall be a sufficient discharge to my executor". If you have already made a will, a charitable legacy can be added by making a simple amendment called a Codicil. For example:"I [full name] of [full address] declare this to be a codicil to my Will made on [day/month/year]. In addition to the gifts given by me in my said Will, I give free of tax the sum of [amount] as a charitable gift to the University of Manchester for the University of Manchester Library. In all other respects I confirm my said Will."
Giving from the United States
The North American Foundation for The University of Manchester (NAFUM) is an independent, not-for-profit corporation dedicated to charitable and educational purposes. NAFUM's activities focus on the promotion and development of continuing relationships of loyalty, amongst Manchester's alumni and friends in the USA.
NAFUM is a 501(c)3 in the USA. Gifts to NAFUM are fully deductible for federal income tax purposes for the maximum amount permitted by law, (NAFUM's tax ID number: 31-1598015).