Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Campaign For Tax Breaks For Cars Given for Charity

Giveacar is a charity that takes away people's old cars, then donates the proceeds from disposal or scrapping to the charity of the donpr's choice.

Giveacar has now started an epetition to the government calling for a widening of tax relief to include assets like cars <http://epetitions.direct.gov.uk/petitions/30886> .

At the moment, individual tax relief on giving to UK charities is largely limited to land and shares - assets that are comparatively easier for the wealthy to donate over low and middle income earners. Gift Aid, while a great incentive for charities to encourage supporters to donate, does not do much for bolstering an ordinary individual's reasons to donate in tough economic times, and we think that's wrong, and wasting a lot of potential for encouraging charitable donation.

The idea for Givreacar came from the USA, where there is a wider margin on which assets can constitute a gift against which income tax relief can be claimed. A donated car worth over $500 in the USA can be claimed back
against income tax - which makes the practice a firm part of charity donation altogether. We're advocating a review of income tax relief claimable from charitable gifts and a widening of the types and value of
assets that qualify.

For a true 'Big Society', charitable donation is going to have to be more widespread than ever before, and more interwoven with the fabric of society as well. Relieving tax for an individual donating his or her assets is one way of doing this. 

More at Giveacar

Comments

Add a comment

 

Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17

£186.05

48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH