London’s three major mayoral candidates have pledged to give 10 per cent of their estates to charity as part of a campaign to boost high net worth legacy giving.

Conservative Boris Johnson, Labour candidate Ken Livingstone and Liberal Democrat Brian Paddick have all opted to leave money to charity in their wills as part of the Legacy10 campaign. Legacy10 asks individuals to leave 10 per cent of their estate to a charity or cultural cause. From 6 April 2012 anyone donating this 10 per cent will receive a reduced rate of inheritance tax from 40 per cent to 36 per cent, as a result of a change in law.

The commitment by the three mayoral candidates follows the example of their respective party leaders in January as well as other high profile figures such as Sir Richard Branson and Martyn Lewis. Current Mayor Boris Johnson was quick to encourage others to follow suit. He said:

“I think this is a fantastic idea, rightly promoting leaving a legacy for charitable purposes in order to ensure that this becomes the norm rather than the exception to the rule.”

His opponent at the Liberal Democrats commented on the social benefits of the scheme.

“So many London charities and art institutions stand to benefit from the forthcoming inheritance tax changes, and I hope everyone in this great city signs up to this exciting initiative”, said Paddick.

While pleased with these high profile sign ups, a Legacy10 spokesman told civilsociety.co.uk that there are no specific targets for the amount raised and number of pledges.

Legacy 10 was formed in November 2011 after the change in inheritance tax law announced in the 2011 budget. It aims to encourage giving through association with high profile ‘pledge ambassadors’.

The change in inheritance law means the potential loss to any legacy giver is approximately four times less than the charity’s gain. Inheritance tax only affects a small proportion of estates as it only applies to those worth more than £325,000.