Donating shares can prove very profitable for the wealthy
Howard Lake | 24 October 2002 | News
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.
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.