n Personal Finance Newsletter - Now you can be more charitable : budget 2006 special

Volume 2006, Issue 304
  • ISSN :



Extracted from text ... BUDGET 2006 SPECIAL THE RATIONALE for donations tax is to prevent people from disposing of assets in order to avoid or reduce tax arising from the fruits thereof. For example, someone who is on the maximum marginal rate of 40% can save significant amounts of tax by donating a large sum of cash to a minor child who has no other sources of income, since the child's marginal rate of tax is likely to be significantly lower. For this reason, a donations tax is levied at a flat rate of 20% on the value of the property donated, in ..

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