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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.
It is nonetheless possible to achieve the same result using Gift Aid, regardless of which tax band the donor is in, because the Gift Aid scheme allows higher rate taxpayers to reclaim the difference between higher and basic rate taxes. For example, if a donor gives £80 via Gift Aid, this is equivalent to donating £100 via Payroll Giving.
Just 55% of donors said they claimed gift aid when they gave money to charity last year, according to the Charities Aid Foundation. Charities ‘missing out on millions’ as donors forget to tick ...
In the UK, donations by individuals are treated as being given after the deduction of income tax at the basic rate (20% in 2011), and charities can reclaim the basic rate income tax paid on the gift from HMRC via Gift Aid. Charities on BT MyDonate could fill in the necessary legal forms to authorise BT to collect Gift Aid on their behalf for ...
Martin Lewis has explained why everyone should “say yes” to Gift Aid when making charity donations. The MoneySavingExpert was part of BBC's Comic Relief coverage on Friday (17 March) and urged ...
Many people were moved to donate to aid organizations, and were able to do so from the money they already stashed in their DAF. Daffy's Nash says the ability to invest the contributions is one of ...
The Cup Trust has requested £46 million in Gift Aid from HM Revenue, arising from the donations which the trust has received. [1] [2] Gift Aid is a facility offered by HMRC for charities to reclaim basic rate tax on donations. Accounts show that only £135,000 of the £177 million donated to the Cup Trust has been given to good causes. [2]
A further trap awaits the unwary U.S. investor who donates depreciated assets – assets on which there have been losses in value – to charity. The gift actually forfeit the tax deductibility of the capital losses, and only the depreciated (low) market value at the time of the gift is allowed to be deducted, rather than the higher basis.