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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Stephen Lee, head of the Fundraising Support Unit at accountancy firm Kingston Smith, said: "There are still too many people unaware of the new GiftAid rules.
The self-employed, pensioners and those without a company scheme can make tax-efficient donations to charity from their gross salary using the government's GiftAid scheme.
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.
More than pounds 1,800 was collected, bringing the total to cover pounds 2,400 with GiftAid, going to Birmingham Children's Hospital Red Balloon Appeal.
"It's a hobby," says Michelle, whose stunningly vibrant painting of the Red Arrows illuminates the Giftaid shop window in the White Rose shopping centre in Rhyl.