gift aid

(redirected from gift-aid)
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.
References in periodicals archive ?
Jonathan Johnson, chairman of the NSPCC Warwickshire Business Group, suggested they either buy NSPCC Christmas cards, or gift-aid to the charity the money they would have spent on cards.
Basically, financial aid falls into three categories: Gift-aid, grants, and scholarships.
Celebs including Angus Deayton and David Baddiel are alleged to have made big profits through the UK's gift-aid tax incentive.