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.
Collins Dictionary of Law © W.J. Stewart, 2006
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.
To receive financial gift assistance, the buyer must qualify for a home loan that will accept the charitable contribution and purchase a home from a builder/seller who is willing to participate in the AFF program.