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I was delighted to be invited to talk to the editor of ‘Wealthbriefing’ recently about the important topic of philanthropic giving by HNW individuals and families. You can listen to our conversation in the latest ‘Wealthtalks’ podcast available here.
We covered the following issues:
We have a lot of clients who are philanthropic in their giving both during their lifetime and on death. This is rarely for tax reasons, although a tax benefit can exist, in my experience is usually driven by a genuine desire to support causes dear to their heart and to make a difference. As such there is no one-size-fits-all approach - every family, individual or couple will have their own preference on what they want to achieve and where and how they want to direct their funds.
At Kingsley Napley, we can give a broad range of advice in this area, given both our charities and wealth structuring expertise.
The fact the UK ranked 7th in the world in 2021 for philanthropic giving (according to the World Giving Index published by the Charities Aid Foundation) illustrates just how prevalent philanthropic giving is and arguably, as the editor of Wealthbriefing pointed out, there has never been a more critical time than now for those who are asset-rich, whether UK resident or otherwise, to engage in philanthrophic giving.
Laura Harper is a partner in the Private Client team. She advises both UK resident and non-UK resident/domiciled individuals, families and trustees on a wide variety of UK tax, trust law and international estate planning issues, including the planning to be undertaken when moving to or from the UK. She also has extensive experience working on cross-border matters and structuring involving family-owned businesses.
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