Commentary

112 Charities as residuary beneficiaries

CHARITIES AND CHARITABLE GIVING vol 6(2)
| Commentary

112 Charities as residuary beneficiaries

| Commentary

112 Charities as residuary beneficiaries

Charities benefit from a capital gains tax exemption in respect of gains realised on the disposal of assets if the gains are applicable and applied for charitable purposes1. Accordingly, this exemption will only apply if the relevant property is beneficially owned by the charity. If, during the administration of an estate, an asset has increased in value since the date of death and is to be sold with the proceeds being distributed to charity, it will be attractive either for the assets to be vested in the name of the charity prior to the sale,

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