Poole Office: 01202 678555

Wimborne Office: 01202 849169

  • slider-1.jpg
  • slider-2.jpg
  • slider-3.jpg
  • slider-4.jpg

Request a Call Back

Please enter your name and phone number

Latest News

Temporary extension to the Help to Buy scheme
28/10/2020 - More...
The Help to Buy equity loans scheme is...

Job Support Scheme for closed businesses
28/10/2020 - More...
The CJRS or furlough scheme ended on 31...

Venues required to enforce rule of six
28/10/2020 - More...
Since 18 September 2020, many designated...

Search News

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

»Sign up for the Newsletter
» Login

 


Donating land, property or shares to a charity
14/10/2020

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.


Contact Us

Poole Office

Tower House, Parkstone Road
Poole, Dorset
BH15 2JH
Tel: 01202 678555

This email address is being protected from spambots. You need JavaScript enabled to view it.

Company Registration No: O7430971
VAT Registration No.107585703

Wimborne Office

Beaufort House, 2 Cornmarket Court
Wimborne
BH21 1JL
Tel: 01202 849169

Membership

ICAEW-White

Save