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Gift Aid allows individuals who are subject to UK income tax to complete a simple, short declaration that they are a UK taxpayer. Any cash donations that the taxpayer makes to the charity after making a declaration are treated as being made after deduction of income tax at the basic rate (20% in 2011), and the charity can reclaim the basic rate income tax paid on the gift from HMRC.
Thus, while a pension (or Gift Aid) contribution of £100 will cost the employee £80 (after basic rate tax relief) directly from net pay, it attracts an additional £39 in tax credits; so the true cost is only £41. Other concessions with regard to assessment of income (in contrast to means testing used elsewhere) include:
I do not understand it fully but if someone signs a gift aid declaration and then doesn't pay enough to cover the tax claimed back THEY are liable to pay it. 'The donor must pay at least as much UK tax (Income Tax and/or Capital Gains Tax) as the amount of Income Tax that you’ re reclaiming.
Download as PDF; Printable version; In other projects Appearance. ... The wordmark created by The Giving Campaign in 2001 for the Gift Aid tax incentive. Source
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
The World Giving Index (WGI) is an annual report published by the Charities Aid Foundation, using data gathered by Gallup, and ranks over 140 countries in the world according to how charitable they are. The aim of the World Giving Index is to provide insight into the scope and nature of giving around the world.
Along with the annual financial statements, the organisation is obliged to submit to the Tax and Customs Board once a year the declaration form of INF 4 "Gifts and Donations" and the declaration form of INF 9 "Declaration on the Use of Gifts, Donations and Other Income".
Organizations acquire 501(c)(3) tax exemption by filing IRS Form 1023. [12] As of 2006, the form must be accompanied by an $850 filing fee if the yearly gross receipts for the organization are expected to average $10,000 or more. [13] [14] If yearly gross receipts are expected to average less than $10,000, the filing fee is reduced to $400.