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Jul 4, 2014 · The helpsheet for tax year 2021 to 2022 has been added, and the versions for tax years 2016 to 2017 and 2017 to 2018 have been removed. Guidance has been updated to include HS342 Charitable giving ...
Donations by individuals to charity or to community amateur sports clubs (CASCs) are tax free. This is called tax relief. This guide is also available in Welsh (Cymraeg). The tax goes to you or ...
- 1. Gift Aid
- 2. Gifts of shares and securities to charity
- 3. Gifts of real property to charity
- 4. Payroll Giving
- 5. Contact
This is a scheme providing relief for gifts of money to charities, including organisations in EU member states, Norway and Iceland and from 31 July 2014 Liechtenstein, that meet the UK tax definition of a charity.
Gift Aid donations can also be made to Community Amateur Sports Clubs (CASCs) that are registered with HMRC as a CASC when the donation is made. The rules governing the operation of Gift Aid are broadly the same for CASCs as for charities. However CASCs are unable to claim Gift Aid tax relief on membership subscriptions. You will need to have given the charity or CASC a declaration saying that you want your gift to be treated as a Gift Aid payment. You can make declarations in writing or verbally (usually by phone), including by electronic means such as email or text message.
There’s no upper or lower monetary limit on the amount of a gift that can qualify for Gift Aid provided you’ve paid enough tax to cover the amount that is payable to the charity or CASC.
Payments to charities or CASCs made under the Gift Aid scheme are treated as having been made after deduction of Income Tax at the basic rate. The charity or CASC can then reclaim that Income Tax from HMRC. Because of this, it’s important for you to have paid enough Income Tax or Capital Gains Tax (at whatever rate) to cover the tax the charity or CASC can reclaim from HMRC.
If the amount of Income Tax or Capital Gains Tax that you’re due to pay for a tax year is less than the tax reclaimed for the year on your gifts by all the charities and CASCs to which you’ve made Gift Aid donations, you may have to pay an additional amount of Income Tax. This additional amount is the difference between the tax reclaimed by the charities or CASCs on your gifts and the Income Tax and Capital Gains Tax due on your income and chargeable gains.
If you pay Income Tax at the basic rate no additional relief is due on your gifts (unless you’re claiming certain allowances available for people aged over 65 years — see below).
You can claim relief against Income Tax for certain gifts of shares and securities to charity. You can also claim the relief if you sell the shares or securities to the charity for less than their market value. This is in addition to the exemption from Capital Gains Tax on such gifts.
Qualifying investments are:
•shares or securities listed on a recognised stock exchange
•shares or securities dealt in on a designated market in the UK — the only markets currently designated for these purposes are the Alternative Investment Market (AIM) of the London Stock Exchange and the PLUS-Quoted Market of PLUS Markets
•units in an Authorised Unit Trust
•shares in an Open-Ended Investment Company (OEIC)
You can claim relief against Income Tax for certain gifts of land and buildings to charity. You can also claim the relief where you sell the property to the charity for less than its market value. This is in addition to the exemption from Capital Gains Tax on such gifts. A qualifying interest in land is the whole of a person’s beneficial interest in freehold or leasehold land in the UK.
If you’ve granted a lease of land to a charity, that lease may count as a qualifying interest in land. If the lease is rent-free or below a market rent, relief may be available.
Where land is held by 2 or more persons, all of the joint owners must dispose of their interest in the property to the charity if any of them are to claim relief. The charity must give you a certificate specifying the land and the interest it has accepted from you.
There are special rules designed to prevent the relief being used for tax avoidance purposes. Where these rules apply, relief may be denied or withdrawn.
The relief you can claim is the market value of the property at the time you give or sell it to charity:
•plus any incidental costs (for example, legal fees)
If you give to charity using a Payroll Giving scheme you will already have received tax relief at source. The amount of pay you enter on the Employment page of your tax return is the amount after deducting your Payroll Giving donations. This is the amount shown by your employer on form P60 or P45. This ensures you receive all the tax relief due. Do not enter the amount of Payroll Giving donations anywhere on your tax return.
The amount of tax relief you can claim against your income each year is limited to the greater of £50,000 or 25% of your adjusted total income. You need to report your Payroll Giving donations on the Additional information pages, so they can be included in your ‘adjusted total income’ calculation for the purpose of establishing the cap on your Income Tax relief.
Online forms, phone numbers and addresses for advice on Self Assessment.
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Oct 23, 2023 · The result is that all the tax relief is given to the individual through the PAYE system – and not to the charity through Gift Aid. To donate £1, you pay 80p if you’re a basic rate taxpayer, 60p if you’re a higher rate taxpayer or 55p if you’re an additional rate taxpayer. The tax relief you get is different if you live in Scotland.
Acceptable Donations – What Does Goodwill Take? Goodwill accepts donations of gently used items. Our stores take gently used items in good condition. Donations should be clean, safe and resaleable. Your donations to Goodwill are tax deductible. You can find all donation sites here. We are unable to do home pick-ups. To find a list of items we ...
For a complete list of items Goodwill accepts, check out our Donation Guidelines If you cannot make it to one of our donation centers, you can schedule convenient donation pickup for all your items including larger pieces like furniture and exercise equipment, through our new partnership with ReSupply, We’ll sort through what we can accept, and ReSupply will ensure the rest goes to other ...
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GOODWILL DONORS The U.S. Internal Revenue Service (IRS) requires donors to value their items. To help guide you, Goodwill Industries International has compiled a list providing price ranges for items commonly sold in Goodwill® stores. Assume the following items are in good condition, and remember: prices are only estimated values.
