Sail 4 Cancer has announced a new boat donation campaign which allows people to dispose of their boats whilst getting significant tax benefits.

Leading sailing and cancer charity, Sail 4 Cancer, has launched a new fund raising campaign following the huge success of the ‘boat donation’ concept in the UnitedStates. Due to the tax advantages of giving a boat to charity, Sail 4 Cancer is pioneering a new ‘donate a boat’ model in the UK. Launched in partnership with leading boat brokerage Boatshed, this new campaign focuses on new tax efficient boat disposal options aided by the UK’s Gift Aid scheme.

Sail 4 Cancer Chairman, Graham Precey, explained “Leaving a yacht or motor boat to a charity as a way of managing inheritance tax is not a new idea and it remains a very effective way for people to support a cause they are passionate about whilst reducing their inheritance tax liability. Because cancer will affect 40% of sailors in the UK, a number of people have contacted us in recent years to discuss various legacy options. It’s a great way for sailors to manage the value of their estate whilst extending the gift of sailing to cancer patients in the future. We call this campaign ‘Leave Your Boat’.”

“However, it is the new area of ‘boat disposal’ which we feel is becoming more relevant today. The pressures of modern life and uncertain economic times mean that a lot of boat owners are unable to use their boats as much as they would like.
This often means that boats fall into disrepair, repair bills escalate and monthly mooring or yard fees become a burden.”

“Increasingly, boat owners are looking for an easy solution to dispose of their boat without any fuss or further cost. This new initiative which we call ‘Donate Your Boat’, allows people to dispose of vessels which have become a burden but still have a re- sale value. By donating the proceeds to Sail 4 Cancer, UK taxpayers are able to increase the value of their donation to Sail 4 Cancer by 25%. Furthermore, higher rate tax payers can obtain tax relief on the value of the gift under the UK’s Gift Aid scheme. This is an important difference because legacy gifts are outside of Gift Aid.”

The alliance with Boatshed gives the scheme coverage across the globe through the broker’s network of offices and a customer database of almost 500,000. Neil Chapman, Boatshed’s founder, said: “We’re putting all our weight behind supporting this great scheme. The first five boats sold through the scheme this year will be sold commission free, after which we will apply a reduced commission compared to our standard rates. Our brokers are already involved both with legacy transactions and dealing boats that have become a burden and we will provide a seamless and user friendly service from each of our locations.”

Sail 4 Cancer’s ‘Donate Your Boat’ concept will enable UK tax payers to dispose of their vessels quickly and in a tax efficient manner. Not only will the value of the total donation to Sail 4 Cancer be increased by 25% but higher rate tax payers are also eligible for tax relief (20% to 30% of the gross value of the gift)*. What’s more, the new partnerships with Boatshed will allow donors to sell their yachts with free or greatly reduced brokerage commissions. In some cases, the scheme will also help boat owners to negotiate a freeze on their mooring fees whilst the boat is being sold.

The proceeds from the initiative will be used by Sail 4 Cancer to provide a growing range of water based days-out and longer holidays for families affected by cancer.
The charity also makes grants to cancer care institutions and funds research into the positive effects of sport and how it can reduce cancer incidence and improve survival rates post diagnosis.

To find out more about Sail 4 Cancer’s Donate Your Boat programme, which is supported by marine law specialist Hill Dickinson, visit www.sail4cancer.org or call +44 (0)845 408 1849. Alternatively, ask your financial advisor for more information or ask them to get in touch with our specialist boat donation team using the contacts above.

* Based on current HMRC rules for the tax year April 2012 to April 2013.

About Sail 4 Cancer
Set up in 2001 by a group of keen sailors who had all lost a close friend or relative to cancer, Sail 4 Cancer is primarily a provider of water based respite days and holidays for families affected by cancer. The charity also makes grants to cancer care centres and funds research into the positive effects of exercise (e.g. sailing) and how it can help prevent cancer and aid recovery post diagnosis. For more information visit www.sail4cancer.org

About Boatshed
With a pedigree stretching back over 13 years, Boatshed is the world’s largest yacht and boat broker, with over 50 offices worldwide. For more information visit www.boatshed.com

Come and see Sail 4 Cancer on the Boatshed.com stand No B053 at the PSP Southampton Boatshow