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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.
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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