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giving land or buildings

Among the different ways in which people can support Epilepsy Society, a very small number may wish to give a gift of land or buildings. Although this type of gift is rare, it can be very significant in value.

If this is something that appeals to you, it’s worth bearing in mind that you can give land or buildings in their entirety or a proportion of the holding and that either way there is generous tax relief available on these gifts.

The tax relief available to people giving land or buildings is very similar to that on the gift of shares; there is income tax relief and exemption from capital gains tax.

Tax relief is given for the market value of the property in the tax year when the gift is made and it is deducted from the donor's income tax liability.

The amount that can be deducted from your income tax liability is the market value of the property (what it would fetch if sold) and any incidental costs of transferring the property, such as solicitor's fee. The relief is reduced if the donor receives any benefit from having made the gift.

For capital gains tax purposes, the land and buildings are treated as having been made with no gain and no loss. So along with the reduction in income tax liability, this represents a significant tax relief and should be claimed when completing the appropriate section of your tax return.

It is important to get professional advice from an accountant or financial advisor when making a gift of land or buildings and your tax office may be able to help with other questions that you might have.

The only other requirements to make these gifts are that the donor must be able to show that Epilepsy Society has agreed to accept the gift and that he/she does not retain any interest in the property after its transfer.

Epilepsy Society will be grateful for any gift of land or buildings and we will work hard to ensure that we maximise its value to help those affected by epilepsy.