You may be inclined, or are expected, to make regular donations to charity or you may have a particular interest in some worthy cause. Rather than make payments out of taxed income or a legacy to a national charity over which you have no control, you could create your own family charity either in your lifetime by a settlement now or on your death by creating a charitable trust in your Will.
Gifts to such a trust are free of capital gains tax and inheritance tax. The (non-trading) income arising will not be assessed to tax. Of course the trust can only be used for charitable objects i.e. the relief of poverty, the advancement of religion, education or for the public good. Charitable trusts can last forever – a truly lasting memorial.