Living legacies: Encouraging all who can afford it to give more
In the future, UK will need to create opportunities that encourage all who can afford to give more. One mechanism that could be transformative in its potential to stimulate giving is living legacies, which could potentially leverage an additional £400 million in assets and income each year for charity.
The key advantage of this mechanism is its potential to overcome one of the most frequently cited barriers to encouraging the mass affluent to give more: financial security. Research suggests that an individual's concern for financial security can and does discourage many from giving more in their lifetime. If, however, an individual had the option to make a substantial tax-effective gift in their lifetime, and this individual was to receive a regular but modest income from this gift for the remainder of their life, we believe that wealthy would give significantly more to charity. We only need to look to the US where living legacies have been in place for four decades and charities benefit annually from $7bn ($4.5bn in assets and $2.5bn) in income.
At this event, Philanthropy Impact would like to create a greater understanding of living legacies and their benefit. The expert panel will draw from experiences from the US, to address policy issues, and the need for an adjustment to tax reliefs, and their implications for the UK.
Chair: Paul Knox, Head EMEA Wealth Advisory, JP Morgan Private Bank
Speakers: Matthew Bowcock, Trustee, The Hazelhurst Trust; Simon Weil, Partner, Bircham Dyson Bell LLP; Jamie McLemore, Senior Associate, US Tax Lawyer, Withers LLP; Diviya Gosrani, Head of Messrs Hoare Trustees, C Hoare & Co; William Shawcross, Chairman , Charity Commission.