gift aid

(redirected from Giftaid)
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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 ?
Signing up for GiftAid is easy - just ask in one of our shops for details.
Cardiffr Crowr nw Court has heard hr ow Markr Lewise falsela yl claimed backc giftaid totalling PS885,611 - a tax whichc would be availa a blea on donations of PS3m - when no such c donations had been made to WISCM.
com/Claire-Squires2 in aid of the Samaritans, with nearly pounds 700,000 topped up with pounds 150,000 from GiftAid.
And if you're a UK taxpayer please GiftAid donations, as Oxfam will receive an extra 25% from the Government.
Payments made by the "pledger" go directly into the Charities Trust Account, which adds GiftAid where applicable and distributes the funds - less transaction charges - to the selected charity.
The IED is now able to claim GiftAid on membership subscriptions.