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London City Corporation’s charitable funder gets first Indian origin chairman

INDIAN origin businessman Dhruv Patel elected as the chairman of the City Bridge Trust Committee last week.

The founder of the City Hindus Network is the first ever black, Asian, and minority ethnic (BAME) to reach the helm of London’s biggest independent grant provider.


Patel, 35, is also an elected member of the City of London Corporation since 2013.

He replaces Alison Gowman, who served her full three-year term.

City Bridge Trust is the funding arm of the City of London Corporation’s charity, Bridge House Estates, making charity grants of £20 million a year to tackle disadvantaged communities across the British capital.

Dhruv Patel, chairman of the City of London Corporation’s City Bridge Trust Committee, said: “…it is a great privilege to be in the leadership role of one of the UK’s most important supporters of civil society. Together we will continue to help give all London’s communities the opportunity to thrive, and give young people, in particular, the best possible start in life.”

Patel was awarded an Order of the British Empire (OBE) in the 2018 Queen’s Birthday Honours for voluntary service to the British Hindu community.

The British Indian has business interests in property, retail pharmacy, and the London insurance market.

City Bridge Trust has awarded around 8,000 grants totalling over £400m since it started its operations in 1995.

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Under the policy, property owners will face a recurring annual charge additional to existing council tax liability.

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Rachel Reeves announces annual tax on homes worth over £2 million

Highlights

  • New annual surcharge on homes worth over £2 m comes into force in April 2028, rising with inflation.
  • Tax starts at £2,500 for properties valued £2m-£2.5m, reaching £7,500 for homes worth £5m or more.
  • London and South East disproportionately affected, with 82 per cent of recent £2m-plus sales in these regions.
Britain has announced a new annual tax on homes worth more than £2 million, expected to raise £400 million by 2029-30, according to estimates from the Office for Budget Responsibility.

Chancellor Rachel Reeves pointed that the measure would address "a long-standing source of wealth inequality in our country" by targeting "less than the top 1 per cent of properties". The surcharge will come into force in April 2028.

Under the policy, property owners will face a recurring annual charge additional to existing council tax liability. The rate starts at £2,500 for homes valued between £2 m and £2.5 m, rising to £3,500 for properties worth £2.5 m to £3.5 m, £5,000 for £3.5 m to £5 m, and £7,500 for those valued at £5 m or more.

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