Capital Gains and Income Tax could be slashed through charitable gifts – act now | Personal Finance | Finance

Self-Assessment users can add the amount they claim in the charitable giving section of the tax return form. Those that don’t complete a tax return can write to HMRC with details of the gift or sale and the tax relief amount to receive a refund or have their tax code changed to pay less income tax for that financial year. Britons may have to pay capital gains tax on shares donated if they are sold for more than they originally cost to buy but still less than their market value. Payroll giving donations can be made directly from one’s salary before tax is deducted, essentially lowering their own tax liability, although the amount of tax relief will depend on their tax rate.