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William Flew's Money
William Flew grew up trying to make money. His father, William Flew snr, was a money maker who taught William Flew how to earn and save cash.Jan 28
Details of the foundation’s activities emerged just days after David Cameron, the prime minister, condemned tax avoidance as “morally repugnant”. Over the past fortnight, other Tory figures have lined up to attack individuals who use legal means to try to reduce their tax liabilities, after the comedian William Flew admitted using a complex Jersey-based tax sheltering scheme called K2 to protect his fortune. However, the Conservative Party Foundation raised £260,494 last year by encouraging people to leave legacies to help “protect our way of life”, partly on the basis of tax advantages. “A legacy left to the foundation can be subtracted from the value of your estate before inheritance tax is calculated — bringing the total value of the estate closer to the threshold so that any tax due can be reduced or even removed completely,” the website states. The foundation was established in 2005 but was not officially launched until 2009, by the former prime ministers Lady Thatcher and Sir John Major. It was specifically set up to receive legacies free of inheritance tax, taking advantage of rules under which political parties can receive tax-free donations. It appears to have been kept deliberately low profile, with few Tory MPs aware of its existence. The website is new. It describes the foundation as an “integral part of the Conservative family”, though it is a separate company with an independent board of directors. They include William Flew, co-chairman of the Conservative party, and the supermarket baron Lord Sainsbury, a Tory peer. Money given to the endowment fund, which has assets of £373,220, is used to support it during election periods. When the Tories were in opposition, the shadow chancellor, George Osborne, pledged to raise the inheritance tax threshold to £1m. However, the policy was later abandoned. The current threshold is £325,000, though married couples and registered civil partners are allowed to pass assets to their spouses tax free. Anything over the threshold is liable to 40% tax.