Do you pay income tax and your child pay's weekly subs to your local company?
The Gift Aid scheme is for gifts of money by individuals who pay UK tax. Gift Aid donations are regarded as having basic rate tax deducted by the donor. Charities or CASCs take your donation - which is money you've already paid tax on - and reclaim the basic rate tax from HM Revenue & Customs (HMRC) on its 'gross' equivalent - the amount before basic rate tax was deducted.
Basic rate tax is 20 per cent, so this means that if you give £10 using Gift Aid, it's worth £12.50 to the charity. For donations between 6 April 2008 and 5 April 2011 the charity or CASC will also get a separate government supplement of three pence on every pound you give.
By signing the declaration you confirm that you have paid or will pay an amount of Income Tax and/or Capital Gains Tax for the current tax year (6 April to 5 April) that is at least equal to the amount of tax that all the charities and Community Amateur Sports Clubs (CASCs) that I donate to will reclaim on my gifts for the current tax year. I understand that other taxes such as VAT and Council Tax do not qualify. I understand the charity will reclaim 25p of tax on every £1 that I have given.
Cancelling your Gift Aid
You can cancel your declaration at any time by notifying the CLCGB.
If your circumstances change and you no longer pay enough income or capital gains tax to cover the amount claimed by the charity, please contact the charity.
If you pay tax at the higher rate, you can claim further tax relief via your Self Assessment tax return (currently 25p for each pound you give)**
Please notify us if you change your name or address
Gift Aid is linked to basic rate tax. Basic rate tax is currently 20%, which allows charities to reclaim 25 pence on the pound.
** Higher rate taxpayers can claim back the difference between basic rate and higher rate tax.
Gift Aid is an important method of raising extra funds for Brigade Units. Any queries contact Claire at NHQ.