PwC warns runners about tax on donations
Runners urged 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.