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Tax Tips

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Tax Tips

We have 1 tip(s) under the heading Charitable Payments .

Tax relief - Is available at your top tax rate for payments made
under the Gift Aid scheme. There is no minimum limit for gift aid payments
and they can be a one off donation or a series of payments. To qualify for
relief donors are required to make a declaration.

If a higher rate taxpayer made a gift aid payment of £1000 after 5 April 2008, the charity would benefit by £1282* and the net cost to the taxpayer would be £750.

*The charity benefits from 22% tax relief claimed back from the government but the individual`s payment is grossed up by 20% in line with basic rate tax.

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