There are generous tax incentives for individuals to give shares to a charity such as Tate. Donors:
- can claim income tax relief on the value of most shares and securities donated
- are exempt from any tax on capital gains that might have arisen had the shares been sold.
Tax relief is available to UK taxpayers donating shares and securities listed on the UK Stock Market, the Alternative Investment Market and recognised stock exchanges overseas. It is also available for units in a UK unit trust and shares in a UK open-ended investment company (OEIC).
You claim tax relief equal to the market value of the shares on the day you make the gift, together with any associated costs such as brokers’ fees. This sum is set against your income for the financial year.
How share donation works
On a gift of shares worth £1,000:
- Value of shares donated: £1,000
- Broker’s fees: £50
- Amount available to deduct from income: £1,050
- Income-tax relief for higher-rate taxpayer: £420
- ‘Cost’ of gift to the higher-rate taxpaying donor: £630
Donate shares to Tate
For further information about supporting Tate in this way please contact the Development Office: call +44 (0)20 7821 2958 or email email@example.com.
Tate is unable to provide tax advice and therefore we strongly advise that you also consult with the Inland Revenue or your tax advisor for professional advice about donating shares.