A classical example of the toroidal magnetic moment is a ring-shaped vortex distributions of magnetic dipoles. Molecular materials offer rich possibilities for the design of multicentre systems with toroidal magnetization. A heterometallic wheel-like molecular cluster Fe8Y8 was recently synthesized. The dc susceptibility and magnetization measurements show that toroidal magnetic ground state may exist in this system. The aim of the proposed experiment is to use inelastic neutron scattering method to provide important information on the low-lying magnetic states and the exchange interactions between spins in Fe8Y8 as a function of temperature. Besides the spin dynamics, we may also learn the spin structure through short range correlations.