Pundit Martin Lewis' £10m charity donation saved by U-turn
Sunday 03 June 2012
TV money pundit Martin Lewis would have dramatically reduced a £10m donation to charity after selling his website business Moneysavingexpert on Friday, had the Government not performed a U-turn on the charity tax.
In the first major example of an act of philanthropy being salvaged by George Osborne's reversal on a Budget pledge to cap tax relief on charitable donations at £50,000, Mr Lewis told The Independent on Sunday: "That helped make up my mind. I would have given some money to charity from the deal but not as much if the planned tax had remained in place.
"It was ridiculous that gifts to charity, where the money comes out of the donor's pocket, were somehow treated as a tax dodge; it was insulting."
Mr Lewis, who regularly appears on ITV's Daybreak, agreed to sell his business to the comparison site Moneysupermarket last week for £87m, and immediately pledged £10m of it to good causes. The first £1m is an outright cash gift to Citizen's Advice, which is in direct response to government cuts in funding for the organisation. He said: "We are in the middle of the biggest financial and debt crisis in our history, and what happens to the funding for the main vehicle for giving financial advice? It is cut – totally shameful."
The remaining £9m is to be placed in a charitable trust to be distributed at a later date.
Revealed: Devastating impact of 'bedroom tax' sees huge leap in demand for emergency hardship handouts for tenants
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
Chloe Johnson death: Family of five-year-old British girl who died in a pool at in Egypt's Sharm el-Sheikh resort 'angry' that more wasn't done to save her
- 1 Stoke City investigate 'religious abuse' after 'pig's head is found in Kenwyne Jones' locker'
- 2 Gove’s lesson: spare the comma, spoil the child
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 Join Ryanair! See the world! But we'll only pay you for nine months a year
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...