The Independent looks at how entrepreneurs have donated shares to charity which have subsequently plunged in value but which have still reaped major tax benefits for the donors.
The Independent cites the example of Nick Leslau, a property specialist involved in the Knutsford company, who saved “saved £112,000 in tax by donating shares to a charity when they were suspended pending a deal.” The shares are now worth less than £10,000 to the recipient, the British Wheelchair Sports Foundation.
Although entirely legal, the gift demonstrates, according to The Independent, the need for a tightening up of the government’s share-giving scheme entitled “Giving Shares and Securities to Charity” (IR178).
Read “Tax break saves entrepreneurs £440,000” by Nigel Cope at The Independent.
Get free email updates
Keep up to date with fundraising news, ideas and inspiration with a weekly or daily email. [Privacy]