gift aid


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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 ?
After hearing another charity benefited financially by accidentally submitting an inflated Gift Aid claim, he decided to do the same.
Savings on a family of four is based on standard, on the day pricing, including gift aid for two adult and two child tickets.
Gift Aid can be claimed on charitable donations from taxpayers, but not when the money is given in exchange for goods.
All people need to do is fill in a simple Gift Aid form when they take their donations to the shop which takes less than a minute.
They submitted claims for Gift Aid repayments based on bogus donations between May 2009 and August 2012.
The Government released the findings as it urged people who give to charity to declare gift aid on their donations, and boost the money that reaches their charity at no extra cost.
MP Mary Robinson said "The beneficiary of the gift aid reclaimed should be the relevant charity."
To make a Gift Aid donation you make a declaration that you have paid the same amount or more than 25% of the Gift in income or capital gains tax.
HM Treasury on Thursday reported that the government is marking the 25th anniversary of Gift Aid on the eve of Children in Need.
"We contacted the original donor, Jordanne Richardson, thanks to the information she left on her Gift Aid form.
For individuals who are liable to basic rate tax, broadly those with gross income of up to PS41,865 there will be no further tax relief due on the Gift Aid donations made.
According to the National Audit Office (NAO) there are donations of around GBP2.3bn where Gift Aid is not used, while not all of these donations will be eligible for Gift Aid, the governement is said to be working with charities in an effort to increase the number of eligible donations.