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You
can make a payment, large or small, regular or one-off to
The Foundation under Gift Aid. You simply complete a declaration
which requires you to confirm the donation given and that
you currently pay income tax or capital gains tax.
Gift Aid allows the Foundation to reclaim the basic rate
tax on the donation from the H M Revenue and Customs which
means that your donation is worth an extra 25% - basic rate of 20%. Donations
given by anyone who pays a higher rate of income tax can claim
the difference between the higher rate, of 40%, and the basic
rate of 20% on the grossed up donation.
Donors must
- pay enough UK income tax and/or capital gains tax themselves
to cover the amount of tax the charity will reclaim
- give the charity a gift aid declaration, which should
include
- their name
- their home address
- the charity's name
- details of the donation - saying that it is a gift aid
donation
- confirmation that they have paid UK tax - to cover the
tax the charity will reclaim.
A declaration can be made to cover individual donations or a
series of donations and can cover donations made during a specified
period or to cover all future donations. They can also be backdated
for up to 6 years prior to the date of the declaration provided
the donation was made since 6 April 2000.
If you pay the
- basic rate of tax, you cannot claim further tax relief
on the payments
- higher rate of tax, you can claim higher rate relief on
the payments by entering the donations in the gift aid box
on your self assessment tax return. If you receive a form
P810 you can declare your gift aid payments on it.
To download
a Gift Aid Declaration form Click Here
Tax relief is available to encourage gifts of land, buildings
and certain shares and securities to charity.
You can claim a deduction for the gift against you income for
income tax purposes. This is in addition to the exemption from
capital gains tax, which is available for gifts of investments
to charity.
You may need to retain documentary evidence of your donation
of (or sale at under-value) the investments to a charity. This
evidence would normally include a copy of the dated stock transfer
document and any correspondence in connection with the gift.
For gifts of land and buildings you will need to obtain a certificate
from the charity.
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