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I Love Mondays: The autobiography of Sir Alec Reed CBE by Judi Bevan, Alec Reed

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CHAPTER 14Ethiopiaid

OUTSIDERS MIGHT ASSUME that I put my £5 million from the sale of Medicare into the Reed Foundation out of gratitude for coming through cancer. Perhaps subconsciously that played a part, but I was not aware of it. For me it was more to do with not wanting to give the taxman 40 per cent of the money in capital gains tax, not to mention a further 40 per cent in inheritance tax if I did not survive. And I had a strong desire to help to alleviate some of the horrific problems in the developing world.

Quite often after serious illness people give money to research into finding a cure for that particular malady, but my view is that cancer charities are hugely well endowed.

In my charitable giving I aim to apply the same innovative ...

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