Wealthy people fail to realise charities' tax rules
A poll conducted by Workplace Giving has found many higher rate tax payers believed charities were able to claim the full 40 or 50p in the pound in Gift Aid Donations instead of 20p
Almost 8 out of 10 generous individuals are unaware that charities can only
claim 20p in the pound through Gift Aid donations.
A poll conducted by Workplace Giving has found many higher rate tax payers
believed that by ticking the Gift Aid box, charities were able to claim the full
40% or 50% tax.
78% of those polled were unaware that under the Gift Aid
Scheme, charities are only able to claim 20p for every pound donated, according
to charity groups.
“Giving through the payroll is the only way higher rate and super tax payers
can
ensure that the 40 or 50% of tax goes direct to their charity of choice,” a
Geared for Giving Campaign spokeswoman said.https://www.accountancyage.com/category/tax/
Charities also estimate they lose around £900m annually through inefficient
giving according to charityfacts.org.
Further reading:
Taxman
issues Gift Aid tax avoidance warning