Federer's Victory Brings Charity Benefits After Betting Slip Is Left In Will
The news that Roger Federer’s Wimbledon win helped Oxfam gain £100,000 after a man left a betting slip to the organisation in his will once again highlights how so many people continue to think of charities when putting provisions in place for the future.
Nick Newlife made a bet in 2003 that the tennis star would win seven titles at the All England Club by 2019. He died three years ago, but outlined in his Will that he wanted the William Hill slip for the wager to be left with the charity.
Following the Swiss player’s victory in this year’s championship, Oxfam now stands to pick up £101,840 from the 66/1 bet.
Gillian Coverley, partner in Irwin Mitchell’s national Wills team, said such a story highlights how giving to charities is becoming a major consideration for many people as they go through the process of writing a Will.
She outlined: “While this story is unique in many ways, it does show that a lot of people think about charities that are close to their heart when deciding how they would like their estate to be dealt with following their death.
“It is also interesting to note that any wishes made in a Will are binding, so people are able to explicitly state how they would like items which are important but also a little out-of-the-ordinary – like a betting slip of this kind – to be dealt with.
“The other important factor is that recent changes to tax rules means giving to charity could also help to reduce your overall inheritance tax bill’
Since April this year, legislation has been in place which means the rate of inheritance tax payable on an estate is cut by four per cent when at least ten per cent of it is been left to a registered charity.
Gillian explains: “These new rules can benefit both charities and families as the way the new tax laws operate means that both charities and families could end up receiving more of a person’s estate’
“Anyone who needs advice or further information on such matters, whether they would like to update a Will to take the change into account a gift to a charity or include some provisions in a Will that they have not yet written, should speak to legal specialists as soon as possible.”