Sarah Axe

Relief may be available in a falling market if one is dealing with an estate in administration which has an inheritance tax liability.

Section 43, Finance Act 2000 details the new income tax relief available by gifting quoted shares to charity given in addition to the existing capital gains tax relief. Income tax relief is given by making a deduction against total income equivalent to the market value of the shares at the date of gift. This seems generous and there has been much publicity about the 40 per cent income tax saving that can be achieved by higher rate taxpayers.