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Home » News & Insights » Tax Relief And Charitable Donations Of Land, Property Or Shares

Tax Relief And Charitable Donations Of Land, Property Or Shares

Posted on 20th October 2020

There are special rules in place for taxpayers who gift land, property or certain shares to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There is no Income Tax relief on donations to community amateur sports clubs (CASCs).

Income Tax relief

Where qualifying assets are gifted, the market value of the asset is deducted from the taxpayer’s total income rather than adjusting their basic rate tax band. This should be done for the tax year (6 April to 5 April) in which they made the gift or sale to charity.

Capital Gains Tax relief

Taxpayers do not have to pay CGT on land, property or shares they give to charity. Taxpayers may have to pay some tax if they sell for more than the land, property or shares cost, but less than their market value. The gain should be calculated using the amount the charity actually pays, rather than the value of the asset.

Selling land, property or shares on behalf of a charity

When a taxpayer offers a gift of land, property or shares, the charity might ask the taxpayer to sell the gift on its behalf. Taxpayers can do this and still claim tax relief for the donation, but they must keep records of the gift and the charity’s request. Without them, they might have to pay CGT.

If you think you may be liable for Capital Gains Tax, call MJB Avanti (08000) 388 799 to discuss your requirements

Source – Informanagement

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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