In 2017-18, a taxpayer who pays income tax at 45% and capital gains tax at 20 % gives listed shares with a market value of £20,000 to a charity. There are no incidental costs of disposal and the taxpayer receives no benef it in consequence of making the gift. A capital gain of £12,000 would have been charged to capital gains tax if the shares had been sold.
In effect, how much does this gift cost the taxpayer?