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Where Taxpayers and Advisers Meet

DONATION TO OWN CHARITY

hungryfor knowledge
Posts:11
Joined:Tue Nov 14, 2017 5:00 pm
DONATION TO OWN CHARITY

Postby hungryfor knowledge » Thu Feb 22, 2018 11:41 pm

Dear forum members,
I would be grateful,if you could kindly your professional opinion on the following issues;
1 I want to register a charity of which I would be trustee, I want to donate money in to this charity, money raised for this charity would be spend on charitable works in the U K and third world countries mainly for educational purposes and to help very poor , needy e.g. orphanage,and for religious institutions.

2. I am a higher rate tax ,What would be the financial implications in my self assessment?

3. if I sell any investment e.g. shares, investment property and make capital gains and donate that gain to the charity foundation I want to register,will HMRC ask me to pay CGT to HMRC?

4 what is the maximum donation allowed by HMRC in one tax year?

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: DONATION TO OWN CHARITY

Postby someone » Fri Feb 23, 2018 9:39 am

I think the only limit is that the charity cannot get more tax relief than you pay in tax in the year.

But why do you want to do this?

If we're talking millions then talk to a professional. I'd guess in that case you want to use the capital to generate an income that is then used for charitable purposes.

If we're talking tens of thousands then find a charity that already does something similar and talk to them about what you want to achieve. At some point a gift will be big enough that the charity will be willing to account for it separately to general funds.

If we're talking thousands then many charities allow you to specify what particular area you want the money spent on.

People like the charities aid foundation are probably a good first port of call. At the very least they'll know what makes sense for the amounts of money you're talking about.


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