TaxAdministrationHMRC to ‘top up’ all donations

HMRC to ‘top up’ all donations

Taxman will give additional 28% to any donations

As it is National Giving Week, HMRC
has issued a reminder to taxpayers that the value of gifts made to charities
under the Gift Aid scheme is increased by over a quarter thanks to a ‘top up’
from the taxman.

The scheme allows charities
to reclaim the basic rate tax you have already paid on the money you donate,
meaning that a donation of £10 is worth £12.82 to the charity.

To make sure this happens, taxpayers must make a simple declaration (which
can be made orally as well as in writing) saying that you pay enough tax to
cover what the charity will reclaim.

Higher rate taxpayers can also get back the difference between the basic and
higher rates (18%) of their donation direct from HMRC.

Paymaster General, Dawn
Primarolo,
said: ‘Gift Aid is the easiest possible way to give to charity,
and provides a real boost to a great many charities.’

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