gift aid
Durga_Dhakal
Registered Posts: 18
in Personal Tax
how does gift aid work? Does all type of charity need to pay tax to HMRC for Donation amount they collect from the public? how does charity get benefit from gift aid or donation?
0
Comments
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Charities that want to benefit from Gift Aid are required to register with HMRC for the purposes of claiming it. Any donors that wish to allow a charity to benefit from gift aid make a declaration saying so thus allowing the charity to make a claim directly to HMRC. The downside is that the charity only benefits from the basic rate of tax. If the donor is a higher rate tax payer, the donor recovers that amount from HMRC directly.1
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