TalkTax

This blog considers the likely consequences if Gift Duty were to be abolished.  The Government has recently announced that such a move is being considered.  Every practitioner should be aware of this possible shift, as it is likely to have an impact on just about every individual they advise. The Government has said that a period of consultation will be undertaken, and if Gift Duty is to be abolished, the proposal will be contained in a Bill to be released in November 2010.

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It is not widely appreciated that since 1 July 2008, the exemption from gift duty for donations to charities only applies to donations that are made to registered charities (tax charities).

However, as registration is voluntary a charity can be a donee organisation, but not a registered charity. As a consequence, a donor may be entitled to a tax benefit for a gift to donee organisation but can also incur a gift duty liability.

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When you think your relationship can’t get any worse, and you’ve given until it hurts, you can then find yourself with a gift duty assessment…

With the Government Tax Policy Work Programme having confirmed that further legislative exemptions from gift duty are under consideration, it is perhaps timely to review relationship property agreements and gift duty, an area where gift duty and filing obligations are often over-looked or misunderstood. Read more