To encourage and boost charitable giving, the UK Government offers tax relief on donations. Please see below for some of the ways you can maximise your donation to the Fitzwygram Foundation (registered charity number 1167976).
Increase your Donation with Gift Aid
If you are a UK taxpayer, you can amplify your donation by completing a Gift Aid Declaration linked here. This enables the Fitzwygram Foundation to claim an additional 25%, from HMRC at no extra cost to you
Carrying Back Gift Aid Claims
If you donate (with Gift Aid) during the current tax year, you can ask HMRC to treat that donation as being made in the previous tax year, provided that you paid enough tax in that tax year to cover all donations for which you have claimed Gift Aid and you have not yet submitted a return for that tax year.
higher and additional rate Tax Relief
If you pay Income Tax at the higher (40%) or additional (45%) rate you will be able to claim relief based on the ‘grossed-up’ amount of your gifts. With a basic rate of Income Tax of 20%, gifts are grossed-up by multiplying the amount you give by 100 divided by 80. Higher Rate and Additional Rate Relief is given by increasing your basic rate band and higher rate band by the grossed-up amount of your gifts. In most cases, if you pay tax at the higher or additional rates (40% or 45%), your relief will be equal to the difference between basic rate and either 40% or 45%. Find out how you can maximise your impact here:
TRANSFORMATIONAL GIFT CALCULATOR
Corporate Donations
If you are donating via your company, the donation is not eligible for Gift Aid, however you can treat the donation as an allowable expense, making a saving on corporation tax.
leave a gift in your will
Donations in wills are removed from the value of your estate before Inheritance Tax is calculated. Additionally, if 10% or more of your estate is left to charity, your Inheritance Tax rate may also be reduced to 36%.
FIND OUT MORE ABOUT LEAVING A LEGACY TO THE FITZWYGRAM FOUNDATION (CHARITY NUMBER 1167976)
