Sir Richard Branson and a raft of other high-profile entrepreneurs have pledged to give away 10 per cent of their wealth to charity in their wills.

The Virgin empire founder joined with investment banker Jacob Rothschild and Carphone Warehouse co-founder Charles Dunstone in pledging to make the 10 per cent legacy bequests, which together equate to nearly half a billion pounds.

Their pledges come ahead of the launch of Legacy 10 on Wednesday, an initiative which aims to get 10 per cent of the UK population giving away 10 per cent of their estate to charity in their wills. The campaign, led by Roland Rudd, founder of financial communications firm Finsbury, has already signed up pledges from other wealthy businesspeople including Innocent Drinks founder Richard Reed and the owner of airline BMI, Michael Bishop.

Legators will soon have a self-interest in leaving 10 per cent of their estates to charity; as of April 2012 any estate which bequeathes at least 10 per cent of its value to a charitable or cultural cause will enjoy a reduction in inheritance tax, from 40 per cent to 36 per cent.

Culture Secretary Jeremy Hunt and Chancellor George Osborne will be on hand to endorse the campaign, which will be launched at the Tate Britain.