As a result of legislative changes in the Channel Island of Jersey, from this month, philanthropists will now be able to set up a foundation with a mixture of charitable and non-charitable purposes, free from UK mainland charity regulation. Jersey foundations will have features of both corporations and trusts. They will have to be registered in Jersey, will be subject to Jersey law and will have to have at least one Jersey resident on their council of members. They will enjoy tax-exempt status as charitable foundations do in the UK.’ Jersey foundations are likely to be popular because they will be flexible,’ said Simon Weil, a specialist charity lawyer. ‘They will also give founders more independence and many philanthropists value this,’ he added.
Philanthropy UK, 25 June 2009
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