Tate exists today due to the generous gift of Sir Henry Tate, who in 1897 donated works of art from his collection and funds to build a gallery at Millbank.
In just over a century Sir Henry’s ambition for the National Collection of British Art has transformed into four major galleries, and an outstanding collection of British art from 1500 to the present day and international modern art from 1900 to the present day. As Tate prepares for the future, legacies will continue to provide a vital source of income for our work in all of our galleries.
Introduction
The suggested wording on this page can be tailored to suit the type of gift you would like to leave Tate. The clauses are of a general nature to ensure that your wishes can be honoured and your gift will pass to Tate and be used for its charitable purposes.
In all cases wording should be carefully reviewed by you and your solicitor in the context of your Will. In particular where property ownership including works of art and bank accounts is shared, the status of joint tenancy will mean that the surviving owner automatically inherits the property regardless of any Will or expressed intentions. It is therefore important to ascertain the status of ownership, e.g. tenants in common or joint tenants, of any property intended to be gifted as your intentions could be invalidated.
About this page
This page is designed to give you general information about leaving a legacy to Tate, including some of the financial benefits. It is not intended to provide specific advice about the legal or tax implications of charitable giving. Before making a gift to Tate, you should consult with your accountant, solicitor, or a financial advisor for a thorough analysis of your individual situation and the tax consequences to decide which of these ways of giving might work best for you.
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Reversionary legacy
A gift to Tate of a sum of money, asset, or proportion of the estate, which only takes effect subject to the prior right of a named person or persons to receive the benefit of those assets or income produced by them during his or her lifetime.
The gift then passes absolutely to Tate as the “reversionary beneficiary” on the death of the named person or persons.
Residuary gifts
Residuary gift
A gift of all of the remainder of your estate after all other payments and legacies have been made.
Unrestricted residuary gift
A gift of all the remainder of your estate for Tate’s general charitable purposes.
An unrestricted legacy is a very beneficial way of supporting Tate’s aims as it will allow Tate flexibility to use your gift in the most effective way, enabling us to support areas of greatest need.
Restricted residuary gift
A gift of all the remainder of your estate to support a specific purpose at Tate.
A restricted legacy makes provision to support a specific purpose at Tate.
Conditional legacy
This provides that Tate shall receive any legacy or residuary gift left to another beneficiary / other beneficiaries who have predeceased you or where the legacy or gift fails for some other reason.
Pecuniary legacy
A gift of a specified sum of money.
Specific or non-monetary legacy
A gift of a work of art or archive material for the Collection.
If you are considering leaving works of art for the Collection please contact the Legacy Manager for information about Tate’s collecting and acquisition policies and processes.
Tate is an exempt charity as described in Schedule 2 to the Charities Act 1993. Therefore, Tate is recognised as a charity by HM Revenue & Customs, under their reference X 78055/1.
The result of this is that no Inheritance Tax or Capital Gains Tax is charged on gifts and bequests to Tate of works of art or archives. If tax has already been deferred in the past on the value of a work of art or archive by ‘conditional exemption’ then that tax will not be charged if it is given to Tate by way of a gift. Please contact the Legacy Manager for more information.