Boat donation scheme
After successfully launching the VI-SA-GB Gifting your boat scheme at the 2012 Tullett Prebon London International Boat show we have seen a tremendous amount of interest from boat owners who are concerned with being able to get the most use from their boats.
Most of us have wandered around a marina or boat yard and thought to ourselves just how many times a year do these boats leave their moorings? The facts are that potentially, many of the boats we see may leave the sanctuary of their mooring less than half a dozen times per year.
Conflicting pressures on owners can often mean that boats are sadly neglected for months on end.
At the same time maintenance costs and marina costs can escalate and boat owners often find their once cherrished possession is now a huge financial drain.
Why should I donate my boat to VI-SA-GB?
This is a question often asked when we or others suggest donating their boat toVI-SA-GB
- It makes sound financial sense.
- They can’t afford or do not want to continue spending money to maintain and keep their boat, even if its currently listed for sale.
VI-SA-GB's Donate Your Boat scheme enables boat owners to quickly part with their boats without incurring additional expense. This is tremendously useful for owners of boats who are continually facing increasing maintenance costs, and where monthly mooring or storage costs are adding to that financial burden.
Working in partnership with Berthon - Synonymous with yachting since 1877
Once approved and accepted for the VI-SA-GB Donate your boat scheme any debts owed against the boat will be paid off in full from the final selling price, with the net proceeds being passed to VI-SA-GB as a cash donation.Boat owners would pay the 8% brokerage commission as normal to Berthon.(UK sales)
By donating the net proceeds of the sale to VI-SA-GB, UK taxpayers are able to increase the value of their donation to VI-SA-GB by 25% under HM Revenue & Customs Gift Aid scheme.
What's more, higher rate and top rate tax payers are also eligible for tax relief which may equate to 20% to 30% of the gross value of the gift dependent on which tax bracket you fall within. (2012 / 2013 tax year )
It is also important to remember that privately owned boats are an exempt asset under HM Revenue & Customs capital gains tax (CGT)
Individuals are often unaware of this and this is something worth pointing out to potential donors if they have a boat that
- They are not able to use as much anymore
- Are considering maximising on the tax relief available under HM Revenue and Customs regulations
- where someone wishes to gift an asset to a charity or community amateur sports club (CASC)
it is often better for tax purposes to sell the asset and gift aid the proceeds.
This is an area that is often overlooked by many brokers and boat owners alike. The VI-SA-GB Berthon partnership means that boat owners have the best advice at all times
What would VI-SA-GB do with the proceeds from the sale of my boat?
VI-SA-GB will use the proceeds from the sale of the boat to purchase, adapt, and maintain a suitable yacht for the exclusive use of blind and partially sighted members.
VI-SA-GB is a not for profit organisation run and led by Visually impaired sailing enthusiasts for the benefit of visually impaired people.
What types of boat would help VI-SA-GB?
VI-SA-GB is currently seeking (donated) sailing yachts, especially offshore -cruising yachts, newer or older vintage, Cutter, Bermuda rig, or Ketch, able to accommodate a crew of 8 or more for extended periods of time at sea.
If you have any type of boat at all, and are unsure of its suitability for use by VI-SA-GB or whether it could be considered for approval for either the VI-SA-GB Leave your boat, or VI-SA-GB Donate your boat schemes please contact us or our partner broker Berthon - Synonymous with yachting since 1877
Complete the form and someone from VI-SA-GB will contact you by return
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