gift aid

(redirected from Gift Assistance)
Also found in: Dictionary, Financial.

gift aid

a tax relief for cash gifts to UK charities or community amateur sports clubs to whom a declaration that the payment is made under gift aid has been made. The payment is treated as a net amount after deduction of basic rate tax which the payee then recovers from HM REVENUE & CUSTOMS. Unless the payer is liable to higher rate tax, no further tax relief is due.
References in periodicals archive ?
HAND commissioned the study and the FOIA request to test the veracity of the IG's assertion that down payment gift assistance from nonprofits was hindering the solvency of the FHA insurance fund.