Legacy10 Campaign

Business leaders Sir Richard Branson and Charles Dunstone and investment banker Jacob Rothschild have committed to give 10% of their estates to charity via their wills as part of the Legacy10 campaign which has just been launched in the UK.

The campaign was set up to encourage people to make the most of the inheritance tax breaks announced by the UK government in the last Budget. From April 2012, anyone who leaves at least 10% of their wealth to charity will have their inheritance tax bill reduced from 40% to 36%. Its aim is to persuade the wealthiest members of society to leave at least 10 per cent of their estates to charity. Such “clubs” are already established in the US, where mega-donors – such as billionaire investor Warren Buffett – encourage their peers to donate half of their wealth in their lifetime.

The Legacy10 initiative is effectively just targeting the 3% of individuals who die each year and are Inheritance Tax payers.