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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. For a basic-rate taxpayer, this adds 25% to the value of any gift made under Gift Aid.
Payroll Giving, Workplace Giving or Give As You Earn (GAYE) is a scheme for UK taxpayers to donate money to UK Registered Charities. [1]Introduced in 1987, Payroll Giving allows employees to make donations to the UK registered charity of their choice directly from their gross pay, with no tax deduction for the charity to claim back.
[1] [2] Donors to the Cup Trust benefited from tax deductions of up to £55 million. 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.
The charity employs about 120 people with a turnover of less than £4m. It says the tax hike will increase its staff costs by £67,000 - roughly equivalent to two posts in its central support team.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
So Bill will pay tax on $2,000 less in income than he otherwise would have, plus he does not have to pay a $150 capital gains tax. How Much Appreciated Stock Can I Donate to Charity?
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 ...
A Treasury spokesperson said: “Our tax regime for charities, including exemption from paying business rates, is among the most generous of anywhere in the world with tax reliefs for charities ...
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