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Yacht donation

If you're seriously considering trading up and purchasing a new yacht, you may be concerned about selling your current yacht whilst the market is flooded to capacity with many similar yachts for sale, and the market is generally depressed.

You may also be thinking of retiring from 'boat ownership' and worried about what impact inheritance tax will have on your family in relation to your yacht

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? There are two basic reasons why someone will donate their boat.

• 1. It makes sound financial sense.
• 2. 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.

Boat donations

All donations of boats to charity get full income tax relief. For example, if you are a higher rate taxpayer and you give a boat worth £100,000 to charity, you can knock £40,000 off your income tax bill.

This compares quite favourably to selling your boat in a depressed market, you may have to wait quite some considerable time for a purchaser to come along, meanwhile you still have costs such as maintanence, mooring and the commission to pay to your broker to consider. What is more you may have a 40% capital gains liability on the money recieved from the sale.

It is worth noting that donations made to UK charities are completely free of inheritance tax. Not only that, donors of assets, land or shares to UK charities are not liable to capital gains tax, even if the asset is worth more when you donate it than when you acquired it.

Many professional yacht brokers have discovered that, asking if their client has discussed – with their accountant or an independent financial advisor the many economic benefits to them of donating their vessel, versus trying to sell it on the open market, as this can make better financial sense.

As one yacht broker who works with VI-SA-GB said

In some cases, a customer may be serious about purchasing another, larger yacht, if they can sell their existing boat. And if they donate today, they can not only move up to a newer boat quickly, but probably also get more in financial gain, due to tax savings or even refunds. It’s my professional obligation to help the client market their vessel as quickly as possible, and at the highest possible financial return. And, in some instances, donating to a qualifying (CASC)charity like VI-SA-GB is the best option, and offers the highest return possible.”

Note: In the above scenario, the client received a 100% tax-deduction of their (donated) boats full appraised value, versus waiting months for the eventual sale of their offered yacht at a drastically reduced price, if donated to VI-SA-GB.

If you are now thinking of selling or purchasing a new or used boat, we strongly suggest that you contact one of the following professional yacht brokers:

For the name of a yacht broker, nationwide, who has worked with VI-SA-GB, contact Colin Fowler at VI-SA-GB.

What types of boat would help VI-SA-GB?

VI-SA-GB is currently seeking (donated) sail boats, especially an offshore -cruising yacht, newer or older vintage, able to accommodate a crew of 10 or more for extended periods of time at sea.

If you have any type of boat at all, and are unsure of its suitability please complete the ticket below and someone from VI-SA-GB will contact you by return