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.
life + styleClarissa Baldwin is the brains behind the slogan 'A Dog is for Life not just for Christmas'
Autumn Statement 2013: Work until you’re 70 - George Osborne accused of ‘living in fantasy land’ over pension reforms
Nigella Lawson arrives for second day in court after accusing Charles Saatchi of threatening to 'destroy' her with drug claims
Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
Scientists sequence oldest human DNA from fossilised leg bone found in Spain
‘Put it in my mouth’: Viewers outraged by apparent reference to oral sex in VIP e-cig advert
- 1 Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
- 2 How black gold was hijacked: North sea oil and the betrayal of Scotland
- 3 A forgotten episode in Russian history leaves links with the Philippines
- 4 Scientists sequence oldest human DNA from fossilised leg bone found in Spain
- 5 ‘Put it in my mouth’: Viewers outraged by apparent reference to oral sex in VIP e-cig advert
iJobs Money & Business
£50000 - £70000 per annum + Bonus + Benefits: Harrington Starr: Associate Dire...
£Negotiable: Citifocus: High calibre individual with a strong understanding o...
£50000 per annum: Morgan Hunt: Whilst the Real Estate sector was suffering thi...
£Negotiable: Citifocus: The role will suit a fund product specialist, current...