Whilst WGSF can give general information relating to the tax relief on donating shares, we are not qualified to offer financial advice. If you have questions about your personal situation, please contact your financial advisor.
If you are unsure of your tax situation and would like more information on this, please contact the HM Revenue & Customs helpline on 0845 900 0444 or visit the HMRC website .
Since April 2000, new tax relief rules mean that individuals can claim income tax relief (at either the basic rate or the higher rate of 40%) on the full market value of the shares, in addition to the exemption from capital gains tax on any increase in the value of the shares since they were bought, which is already available on such gifts. You may also claim tax relief on any costs that are incurred in transferring the shares.
Companies can also make a gift of shares to Wakefield Grammar School Foundation. In return, the company can claim a deduction for the gift of shares for corporation tax purposes (variable %), in addition to the relief from corporation tax on capital gains on any increase in the value of the shares since they were bought, which is already available on such gifts. You may also claim tax relief on any costs that are incurred in transferring the shares.
Other than tax relief, there may be other reasons why giving shares may be beneficial to you. For example, you may have small amounts of shares, that will cost more to sell than they are worth or you may wish to support Queen Elizabeth Grammar School or Wakefield Girls' High School and your cash flow may not otherwise enable you to give a gift.
What to do now
If you are considering making a gift in shares, please contact Development Officer, Lizzie Hulme, who will be delighted to hear from you.
Alternatively please download our share giving pack.