In 2020-21, a taxpayer whose marginal rate of income tax is 45% (and who pays capital gains
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In 2020-21, a taxpayer whose marginal rate of income tax is 45% (and who pays capital gains tax at 20%) gives listed shares worth £20,000 to a charity. Disposal costs are zero and the taxpayer receives no benefit from making the gift. A capital gain of £12,000 would have arisen if the shares had been sold. How much does this gift cost the taxpayer?
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Assuming that 45 income tax would have been payable on at least 20000 of taxable income if the g...View the full answer
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