Can the RNSM accept shares in nominee accounts?Yes. We can provide details to donors on how to transfer these to the RNSM's nominee account. Please contact Allison Dufosee on 02392 510354.
What will RNSM do with my shares?When we receive gifts of shares, they are sold as soon as is practicable. This is because if we held on to them their value might change and we believe that we should not speculate with gifts entrusted to RNSM, but use them as soon as possible.What are the benefits for me if I donate shares to RNSM?Income TaxIf you donate shares to RNSM, you can get income tax relief on the donation. If you are a higher rate taxpayer, for instance, and donate £1,000 worth of shares, you will get £400 tax relief. Or, if you pay tax at the standard rate, the relief would be £200. You can claim this on your self-assessment tax form, or by contacting your local tax office.Capital Gains TaxNormally, if you sell shares for more than what they were valued at when you acquired them, this is known as making a Capital Gain. You can make Gains up to an annual limit (the allowance for the tax year 2008/09 is £9,600) without having to pay tax on this money, but anything above that will be subjected to Capital Gains Tax (up to 40%). However, you will not have to pay any Capital Gains Tax on shares that you donate to the RNSM. This exemption may therefore be important to you if you have already reached, or are likely to reach, the annual limit.
What are the benefits to the RNSM?Share donations are an alternative to cash donations and are increasingly becoming a valuable source of income for the RNSM.
Then send the Crest form with your share certificate/s to: Allison Dufosee, RNSM, Haslar Jetty Road, Gosport, Hampshire PO12 2AS
If you have any queries about your tax position
The RNSM is unable to advise on personal tax issues and recommends that you speak to a financial advisor or contact the Inland Revenue helpline on 0151 472 6043/6046 or 0131 777 4040 in Scotland, or visit their website http://www.hmrc.gov.uk/charities/chapter_1.htm
For more information about donating shares to RNSM, contact Allison Dufosee on 02392 510354, email:
The Royal Navy Submarine Museum . Haslar Jetty Road . Gosport . Hampshire . PO12 2AS
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