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Give efficiently
KEY POINTS
- Gift aid relief on donations may affect personal allowances and the high income child benefit charge.
- Donors may be subject to capital gains tax if they sell an asset before gifting it to charity.
- A short lease on a property may be gifted instead of the freehold.
- Tainted charity rules apply in specified circumstances.
With individuals increasingly displaying their philanthropic qualities (HMRC reported that net gift aid contributions had almost doubled in the past ten years from £3.41bn in 2005-06 to £6.31bn in 2015-16) awareness of the tax consequences is important. Deciding what to donate – cash or assets – can have significant implications for both the donor and the charity.
Gifting cash
The most common method of charitable giving in the UK is cash. As long as an...
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