Gift of Property - Example

George has owned a second property for some years and decides he will give it to a local charity he supports.

A qualified property agent values the property at £90,000 and he is charged £400 for the valuation and other legal fees. The charity is grateful and gives George a painting worth £1,000

The deduction that George can make [from his liability for Income Tax] is

the value of the property	£90,000
plus the valuation and legal fees	£400
	£90,400
less the value of the benefit received	£1,000
Total	£89,400

Source: Inland Revenue publication IR178 – Giving Shares and Securities to Charity (February 2004)