Monday, April 21, 2008

British Newspaper Reports that Body Shop Owner Anita Roddick Gave Her Entire Fortune to Charity Before Her Death

The Daily Telegraph, a British newspaper, reported today, April 21, that the founder of The Body Shop, a well-known international cosmetics and toiletries company, Anita Roddick donated her entire fortune to charity before her death just last year in December 2007 (read her obituary), leaving nothing for her family and friends.  She left just enough in her estate to pay a British Inheritance Tax required when the donor dies within seven years of making monetary gifts.  Ms. Roddick died from a brain hemorrhage.  She is reported to have said that "leaving money to your family is obscene."  Most of her fortune went to green projects and issues affecting people in developing nations.  Below is an excerpt of the story:

Details of her estate, which were published yesterday [April 20, 1008], revealed that she had donated her £51 million fortune to good causes before her death from a brain haemorrhage last September.

Dame Anita, who was 64 when she died, once described leaving money to your family as obscene" and said instead she wanted her fortune to go towards green issues and curing Third World.

Dame Anita left a total of £665,747 when she died but this was consumed by inheritance tax, leaving her net worth as nil.

Under the rules set out by the Inland Revenue, individuals have to pay such tax if they do not survive for seven years after making monetary gifts.

See Article for the Full Story.

AMT

http://lawprofessors.typepad.com/nonprofit/2008/04/body-shop-owner.html

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