Tax Tips

We have 1 tip(s) under the heading CharitablePayments.

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.

For example:

An individual is liable to tax at 40% and makes a cash gift to charity of £1,000. The tax position is:

Cash Gift    £1,000

Basic rate tax treated as deducted (20/80)  £250

Amount received by charity  £1,250

Tax saved at 40%  £500

Net cost to donor  £750


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