PwC warns runners about tax on donations
Runners urged to focus on ensuring their supporters use Gift Aid for their donations
PwC has warned runners in this year’s
London Marathon on 22 April to
focus on ensuring their supporters use
Gift Aid for their
donations.
According to the firm, Gift Aid relief allows charities to reclaim the basic
rate tax that people have already paid on donations and can increase the value
of their gift by 28p in every pound.
The firm also said runners may have to train that bit harder for next year’s
marathon. The reduction announced in last month’s Budget in the basic rate of
income tax from 22p to 20p from April 2008 will reduce the amount of money that
charities can claim back though Gift Aid.
Further reading:
Customs in new grab for London Marathon tax
Marathon runners handed VAT bills
Great North run also facing VAT pinch