Wednesday 13 December 2017

UK's richest pledge 10pc of wills to charity

Emma Wall in London

Three of Britain's richest men have pledged to give 10pc of their fortunes to charity in their wills.

Virgin billionaire Richard Branson, Charles Dunstone, co-founder of The Carphone Warehouse, and Jacob Rothschild, investment banker and patriarch of the Rothschild family, have pledged a combined sum of nearly half a billion pounds to charity.

The three are among other leading businessmen and entrepreneurs who have signed up to the Legacy10 initiative to be launched this Wednesday.

The campaign, led by Roland Rudd, founder of financial communications company Finsbury, aims to get 10pc of Britons to pledge 10pc of their wealth to charities in their wills.

Mr Branson, who is reported to be worth £3.1bn (€3.53bn), said: "I think Legacy10 is a terrific initiative and I support it wholeheartedly."

The campaign has also garnered the support of British Chancellor George Osborne and Tory MP Jeremy Hunt who will be present at the launch.

The campaign is targeting 10pc donations as commitments of this level incur an inheritance tax break as announced by the chancellor in the UK budget earlier this year.

Finsbury has also persuaded Innocent drinks founder Richard Reed, Tate gallery director Nicholas Serota, former BBC reporter Martyn Lewis and BMI airline owner Michael Bishop to sign up to the initiative.

Matthew Newton, spokesman for Finsbury, said that the company is keen for individuals across all sectors to pledge to give to charities in their wills. In order to encourage this, they will be appointing business 'ambassadors' in order to drum up support. Richard Reed will be the ambassador for entrepreneurs. (© Daily Telegraph, London)

Irish Independent

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