Donations to Charity Flashcards
1
Q
Tax Relief on Donations to Charity
Donations Attract Tax Relief When:
A
- Made to a UK/EEA Registered Charity; and
- A Gift Aid Declaration is Made.
(UK Charities From 6 April 2024)
2
Q
Tax Relief on Donations to Charity
What Election Can be Made on Gift Aid Donations?
A
To Treat Them as Made in The Previous Tax Year.
The Donation (& Election) Must be Made by 31 January in The Tax Year.
3
Q
Tax Relief on Donations to Charity
How Are Gifts of Quoted Shares & Land Treated For Tax Purposes?
A
As Deductible Payments in The Tax Computation.
(incl. Any Costs of Transfer)
4
Q
Tax Relief on Donations to Charity
What is a Share’s/Land’s ‘Relevant Value’?
A
The Asset’s Market Value on The Date of Gift.
5
Q
Tax Relief on Donations to Charity
A Gift of Shares is Valid if:
A
The Shares Are Quoted on a Recognised Stock Exchange.
(Incl. AIM)
