CGT if you gift an asset to charity.

[jmn]

I have a property of fairly low value which I am thinking of selling and gifting the proceeds of sale to various charities.

If receipts from the charities are provided to HMRC would there still be a CGT liability?

[AdamV12V]

I expect that the answer is in the order of which you do it...

If you gift the house to the charity and they sell it (you have no gain in that situation), then that's very different to if you sell it, in which case it would be liable to CGT on any gain, and then you make a donation to charity of the same amount as the net proceeds, in which case you could get tax relief on the gift.

More info here

https://www.gov.uk/donating-to-charity/donating-la...

Edited by AdamV12V on Tuesday 17th October 10:54

[Eric Mc]

It's the whole basis behind how the National Trust operates.

Gift the asset - not the proceeds on the disposal of the asset.

[Countdown]

jmn said:

I have a property of fairly low value which I am thinking of selling and gifting the proceeds of sale to various charities.

If receipts from the charities are provided to HMRC would there still be a CGT liability?

No CGT liability

[jmn]

Thanks all.