Tax effective giving
Gift Aid
A simple Gift Aid declaration increases the value of your donation by enabling the Foundation to reclaim the basic rate of tax, adding 28p in the pound. In addition, higher rate tax payers can reclaim tax relief on the gross amount of the donation.
Self-assessment taxpayers will be able to nominate a charity to receive all or part of any tax rebate due to them. Our charity’s name and code number is listed with the Inland Revenue.
Donations by Companies
Businesses can get tax relief when they give money, whether as a one-off or a regular payment. From April 2000, all gifts of money qualify for tax relief under the Gift Aid Scheme. There is no limit to the amount which the company can give. The company makes a gross payment to the charity through Gift Aid and deducts the amount when working out its Corporation Tax. Charities cannot reclaim any tax on donations from companies.
Gift of Shares
A tax efficient way of giving where the benefit to the charity may be many times more than the cost to the donor. Individuals can reclaim tax relief rebate of up to 40% of the full market value of the quoted shares, and be exempt from any capital gains.
Companies can claim a deduction on the gift of shares for Corporation Tax purposes in addition to the relief from Corporation Tax on Capital Gains.
Gift of Land and Buildings
As of April 2002, Gifts of land and buildings are entitled to tax relief based on the market value of the land or buildings at the time of the gift.
Legacies
Nottinghamshire Community Foundation offers a simple way for people to leave money to the local community in which they have lived or worked for many years. Our commitment to build a multipurpose endowment for the local community means that we will be around to receive a legacy and to fulfil the charitable wishes of the donor in perpetuity.
Click here to find out more about leaving a Legacy
Payroll Giving
Registering a company for Payroll Giving means all employees can donate at maximum tax efficiency to a charity of their choice to which the government makes a further donation.
This has been shown to have a very positive effect on employee relations, demonstrating that the company is committed to support its staff and the local community.
Payroll Giving, or Give as You Earn, offers a very convenient way for employees to make small contributions on a regular basis which is ideal for those wanting to support small charities in their local community. Donations are taken directly from the source of the donor’s income and employers deduct the specified amount before tax.
Click here for A Guide to Tax Effective Giving for Companies
Click here for A Guide to Tax Effective Giving for Individuals