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 ?
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.
The scheme makes it possible for anyone who pays standard rate tax or above to sign up to the Gift Aid scheme.
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.
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.
Traditionally, charity shops used manual systems to process sales and claim gift aid.
At the same time, the cost to the taxpayer of gift aid has increased, to PS2bn in 2012-13, only half of which is going to charities themselves.
Please request a Gift Aid form from the Office if you have not previously completed one.
Secretary of State for Wales, David Jones has today announced that all donations made to the Welsh Memorial in Flanders Campaign fund will qualify for Gift Aid.
I am therefore pleased to announce all donations received from the date that the charity was set up, and all future contributions, will be eligible for Gift Aid.