Income Tax Act 2007

431Relief for gifts of shares, securities and real property to charities etcU.K.
This section has no associated Explanatory Notes

(1)An individual who disposes of the whole of the beneficial interest in a qualifying investment (see section 432) to a charity is entitled to relief if—

(a)the disposal is otherwise than by way of a bargain made at arm's length, and

(b)the individual makes a claim.

(2)The relief is given by deducting the relievable amount in calculating the individual's net income for the tax year in which the disposal is made (see Step 2 of the calculation in section 23).

(3)For the calculation of the relievable amount, see section 434.

(4)If the qualifying investment is a qualifying interest in land (see section 433), this section is subject to—

  • section 441 (certificates),

  • section 442 (qualifying interests in land held jointly),

  • section 443 (calculation of relievable amount where joint disposal), and

  • section 444 (disqualifying events).

(5)See section 446 for bodies that are treated as charities for the purposes of this Chapter.

(6)See subsection (7) of section 535 of ITTOIA 2005 (top slicing relief) for provision about how relief under this Chapter is to be ignored for the purpose of calculating relief under that section.

[F1(7)This Chapter is subject to section 809ZM (removal of income tax relief in respect of tainted charity donations etc).]

Textual Amendments

F1S. 431(7) inserted (19.7.2011) (with effect in accordance with Sch. 3 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 3 para. 11