Philanthropy

Lord Lloyd of Berwick Excerpts

Thursday 2nd December 2010 Lords Chamber

[Lord Lloyd of Berwick]

My Lords, I shall speak in the gap for no longer than a minute. I very much agree with what the noble Lord, Lord Best, said about the Charities Aid Foundation. He listed many of the benefits which that body confers, but he missed out perhaps one. There may be others who like me inherited a very modest portfolio—which is probably the wrong word—of shares. Those shares increased so much in value over the years that I would not have been able to sell them without paying a very hefty sum by way of capital gains tax. I therefore transferred them to the Charities Aid Foundation, which is able to sell the shares at their current value. Far from being a pain, it turned out to be a positive pleasure to do so.