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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.
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.
gifts made within seven years of death (known as Potentially Exempt Transfers or "PETs"); "lifetime chargeable transfers", meaning transfers into certain types of trust. See Taxation of trusts (United Kingdom). The first slice of cumulative transfers of value (known as the "nil rate band") is free of tax.
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Legal tax avoidance; Base erosion and profit shifting (BEPS) . Double Irish. Single Malt; CAIA; Dutch Sandwich; Tax credit; Tax deduction; Tax exemption; Taxpayer groups; Tax holiday
The rules then say, over a certain value, you’ve got to declare the gifts, so everybody can see what it was, how much it was, who it came from, and so that you and others can ask questions about it.
An individual makes an application for WTC to HM Revenue and Customs (HMRC). HMRC calculates a provisional amount of tax credit to be awarded. It is based on the previous tax year's income and current circumstances. The tax credit is then paid in weekly or four weekly instalments to the claimant via bank account until the end of the tax year, 5 ...
Learn how to decode the label so you can store your salt and amplify your recipes with full-strength seasoning.