MoneyWeek quotes Sarah Rowley on HNWI approaches to philanthropy
min readWealthy individuals are increasingly considering how philanthropy can form part of their wider estate planning, with charitable giving offering both social impact and potential tax advantages. Alongside direct donations, structures such as donor-advised funds and charitable foundations are continuing to attract interest from those looking to create a long-term charitable legacy.
Inheritance tax remains an important consideration in these discussions. Gifts to charity made during a person's lifetime are exempt from inheritance tax, while estates that leave at least 10% to charity can benefit from a reduced inheritance tax rate on the remaining estate.
The availability of Gift Aid relief and the ability for higher-rate and additional-rate taxpayers to claim further tax relief on eligible donations demonstrates how charitable giving can be incorporated into broader wealth planning arrangements.
Sarah Rowley, Partner and Head of our Charity, Philanthropy and Not for Profit team, comments in MoneyWeek:
Philanthropy is a lovely thing to talk with clients about as they often feel passionate about it.
Read the full article in MoneyWeek here.
