Tax effective giving
Make your gift more efficient.
Gift Aid is one of the simplest and most effective ways of giving to charity. It is a scheme introduced by the Inland Revenue, which allows us to reclaim the basic rate tax you pay as a UK taxpayer. Currently that’s a further 25p for every £1 you give at absolutely no extra cost to you.*
If you are a higher rate taxpayer we are able to claim the basic rate of tax on your donation. However, you are able to reclaim the additional difference yourself through your tax return, or you may choose to donate it back to English Bridge Education & Development by providing the necessary information on your form. All you have to do is remember to include details of your charitable gifts on your tax form.
* Please note, you must 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 that you donate to will reclaim on your gifts for the current tax year.
If you are unsure about whether you are eligible for donating by Gift Aid, or simply want more information, contact the Inland Revenue directly by calling their Gift Aid helpline on 0151 472 6038 or visiting www.inlandrevenue.gov.uk.
Since 6 April 2000, individuals can get income tax relief in addition to capital gains tax relief on gifts of shares or securities to charities. This means that as a donor you will get tax relief on the full market value of the shares at the date of sale or transfer.
The shares can either be transferred into the name of English Bridge Education & Development using a stock transfer form, or sold on behalf of the charity by the donor. In both cases evidence of the transaction needs to be provided to the Inland Revenue on the donor’s annual tax return before tax relief can be applied.
For more information on share giving visit www.inlandrevenue.gov.uk., where you can find an overview on giving land, buildings, shares and securities to charity. Alternatively, please read the information on tax effective giving.
Leaving a legacy
Gifts in wills are paid before tax is deducted and therefore offers you a way of reducing the total amount of inheritance tax due from your estate.
We would advise all donors to seek independent advice when making major decisions relating to personal finances and tax. For further information see the following:
- Charities Aid Foundation: www.cafonline.org
- Inland Revenue: http://www.hmrc.gov.uk/individuals/giving/basics.htm
- Legacy Promotion Campaign: www.rememberacharity.org.uk