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Income Tax Act 2007

Section 431: Relief for gifts of shares, securities and real property to charities etc

1225.This section sets out the relief. It is based on section 587B(1) and (2) of ICTA.

1226.Subsection (1) provides that relief is available if an individual disposes of the whole of the beneficial interest in a qualifying investment to a charity and makes a claim. The rule in section 587B(2) of ICTA that the claim must “be made to an officer of the Inland Revenue” is catered for by paragraph 2(1) of Schedule 1A to TMA.

1227.Subsection (2) provides that relief for the “relievable amount” is given as a deduction in calculating net income.

1228.If “top slicing relief” is claimed on gains under life assurance policies etc (sections 535 to 537 of ITTOIA), relief under this Chapter is ignored for the purposes of the computations required by section 535(1) of ITTOIA. See section 535(7) of ITTOIA, inserted by Schedule 1 to this Act.

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