Tax effective giving
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Gift Aid
Gift Aid is one of the simplest and most effective ways of giving to the Perse if you are a UK tax payer.
Gift Aid can apply to donations of any amount, large or small, by cash, cheque, postal order, direct debit, standing order, debit or credit card or even in a foreign currency (including the Euro).
All you need to do is complete a gift aid declaration and you can do this by:
The most frequently asked questions relating to Gift Aid are:
How much tax can the charity reclaim?
What if I am a higher rate tax payer?
How do I reclaim tax through my annual (self assessment) tax return?
Providing you pay as much tax (income and/or capital gains) as the Perse will be entitled to reclaim on your donations in the same financial year, you are entitled to use Gift Aid. For example, if you wish to Gift Aid your charitable donations that total £100 in one year, you will need to have paid at least £28 to the taxman in respect of that tax year (at 2007/08 tax rates).
How much tax can the charity reclaim?
Using Gift Aid means that for every pound you give, the Perse School will receive an extra 28 pence from the Inland Revenue (at 2007/08 tax rates). This would mean:
- a £100 donation from you would be worth £128 to the Perse
- a £500 donation from you would be worth £640 to the Perse
What if I am a higher rate tax payer?
If you are a higher rate tax payer you are eligible to reclaim additional tax relief through your annual tax return. For every £1 you donate you could claim tax relief of 23 pence (at 2007/08 tax rates). This would mean:
- a gift of £780 from you would be worth £1,000 to the Perse. In addition you would be able to reclaim tax relief of £180. Hence a gift worth £1,000 to the Perse would cost you only £600
How do I reclaim tax through my annual (self assessment) tax return?
Details of all charitable donations made in the relevant tax year should be included in your annual tax return. If you are a higher rate tax payer you will be eligible for 23 pence tax relief for every £1 you have donated to the Perse (at 2007/08 tax rates).
It is now also possible to reclaim tax relief due on donations made in the current tax year (which starts on 6 April) if you have yet to complete this year's tax return.