Reporting auction prize donations

Among the details of the donation you need to report, you must report the date the donation is received. You usually receive a donation on the day you take physical ownership of it. But you may receive it earlier if a person makes a firm commitment to provide the donation to you.

For example, if someone donates a crate of vintage champagne to you for auction, you might receive it on the date that the person gives the crate to you. But if the person donating the crate of vintage champagne offers to store the champagne for you until there has been a successful bid for it at auction, you will receive the donation when the commitment to donate the crate is made.

Sometimes it may be difficult to decide when you have received a donation. You should make an honest assessment based on all the circumstances. If you are not sure, please contact us for advice.

Last updated: 21 November 2023