designated securities

alexlyons

Anyone know what constitutes a designated security in relation to charitable donations?

Triapin

alexlyons wrote: »

Anyone know what constitutes a designated security in relation to charitable donations?

Have a look at this

alexlyons

Triapin wrote: »

Have a look at this

Ye I've seen that but it doesn't say what a designated security us, hence the question.

CIARAN_BOYLE

alexlyons wrote: »

Ye I've seen that but it doesn't say what a designated security us, hence the question.

Not sure about charities but I would assume that the definition of designated securities remain the same accross tax law.

If so a designated security is an irish government security.

Marcusm

THe notes to the forms states that they are "quoted shares and debentures". The concept of "quoted" has generally been superseded by listing.

Section 848A actually specifies it as

“designated securities” means—

(i) shares (including stock), and

(ii) debentures,

of a class quoted on a recognised stock exchange;

alexlyons

Thanks..

I guess that answers that, no way of claiming tax relief for donating products to charity (food specifically)

CIARAN_BOYLE

alexlyons wrote: »

Thanks..

I guess that answers that, no way of claiming tax relief for donating products to charity (food specifically)

Are you a business? I know a restaurant that donates nearly expired food products to charity but he writes it off as a business expense because the food is no longer of the quality that he prefers to sell.

alexlyons

ye its a business.
that would be similar to me, its produce that is still well within the use by date but not good enough quality for me to use.

writing it off as an expense isn't much benefit as its the same as just buying it and throwing it out, except the feel good factor of donating it, which id do rather than throwing it out.
but i was hoping for tax ref lief or similar on it

dogsears

alexlyons wrote: »

writing it off as an expense isn't much benefit as its the same as just buying it and throwing it out, except the feel good factor of donating it, which id do rather than throwing it out.
but i was hoping for tax ref lief or similar on it

?

Writing it off as a business expense IS getting tax relief for it.

alexlyons

my bad, my brain wasn't working properly there! I kind of knew something wasn't right in what I was typing, but couldn't figure it out... I should have spotted that one, fairly simple!