Front Line Philanthropy
Guest Article by Paul Beckett*

Twenty-first century entrepreneurs who have acquired personal fortunes are used to directing their own lives and to making their own decisions. Many of them want to put something back into the societies which have supported their own rise to fame and fortune. But channelling wealth through existing charitable organisations means that the personal touch can be lost. On the other hand insisting on doing things entirely your own way may result in funds being sent to inappropriate institutions for unworthy purposes and therefore being largely wasted.

This is where Front Line Philanthropy can assist.

A charitable trust is formed under Isle of Man law, where the law of charities is ancient but flexible enough to cover most good causes. It is defined as "benevolence, philanthropy or social welfare" which must be "for the public good" (Isle of Man Charities Act 1962). The technical and artificial meaning attached to the idea of "charity" under, for example, English law does not apply in the Isle of Man.

The Isle of Man has one of the most ancient and most stable parliamentary systems of government in the world and its law reflects this. Properly constituted, a charitable trust will in the Isle of Man be immune from attack and immensely strong in its work.

Having first satisfied Isle of Man public registration requirements, the charity can go on to benefit whatever causes have been chosen. It will be tax neutral in the Isle of Man. It can be irrevocable or revocable. The trustees will appoint investment advisors and will pay careful attention to the wishes of the founder.

Instead of benefitting society at one remove, the founder is on the front line as a philanthropist. There will be tangible achievements within his or her lifetime, and the opportunity to guide and inspire the trustees while at the same time being able confidently to rely on their independence of thought and action.

Battle hardened business people eager to fight for the social good need to move up to the Front Line of philanthropy.

For more information, please contact Anita Gould-Davies at anita.gould-davies@cnciom.com.

* "Paul Beckett practises as a Manx Advocate and as an English Solicitor, and is also qualified as a Solicitor in both Northern Ireland and in the Irish Republic. An Oxford graduate, he has over many years lectured and been published internationally, and is head of chambers at Mannin Chambers in Douglas (www.manninchambers.com ). Formerly Honorary Representative of the Isle of Man Government in Switzerland, he continues to hold a number of official posts in the UK."

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