The importance of legacy gifts to LSE is underlined by the fact that its very existence owes itself to such a gift. LSE was founded by George Bernard Shaw, Beatrice and Sidney Webb and Graham Wallas through a bequest made to the Fabian Society by Henry Hunt Hutchinson to create a place of learning that would contribute to the betterment of wider society.
Since then the tradition of generous legators has been repeated in every generation, and their impact has been long lasting. Gifts of all sizes have played a fundamental role in LSE’s history, and will continue to do so in its future.
In order to continue the legacy laid down by the School’s founders, LSE looks increasingly to the crucial funding source of legacies from those who value its work and wish to see it perpetuated.
Whether large or small, such gifts enable the School to continue attracting the most exceptional students and academics from around the world.
Why legacies are important to LSE
"Sidney Webb had a vision ‘of a centre, not only of lectures on special subjects but an association of students who would be directed and supported in doing original work.’”
From the diaries of Beatrice Webb, founder of LSE
A gift to LSE in your will to one of our areas of support helps to secure a strong future for the School as it ensures that it remains faithful to its founding principles of focusing on the “betterment of society”.
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LSE's charitable status
LSE is recognised as a charity by the Inland Revenue and pays no tax on gifts it receives, including bequests. LSE’s tax-exempt reference number with HM Revenue & Customs is X2401.
In addition, a bequest to LSE may have taxation benefits for the legator’s estate by reducing the net value of the estate, and thus the amount of Inheritance Tax for which the estate is liable.
In the UK, the majority of estates do not have to pay inheritance tax as it is below the threshold of £325,000 (until April 2015). As an incentive to encourage charitable giving through one’s will, it was announced that as of 6 April 2012 inheritance tax would be reduced from 40 per cent to 36 per cent for estates, leaving 10 per cent or more of their taxable estate to charity. For more information on this initiative, please visit Legacy10.
Your solicitor can advise further on inheritance tax.