Content
After U, Gordon?
Ups And Downs
Gift Horse
What A Relief!
Second Thoughts?
Last One Out...
Penalty Shoot-Out
Ain't Necessarily So
Going, Going, Gone
Papers In Order?
Death And Taxes
Passing The Buck
Hire Higher
Back Taxes, Taxes Back
Options Open
Extortion?
Sick Note
Cats And Dogs
Old-Fashioned Money
I Thee Endow?
Mother's Rights
Countdown
Nowhere To Hide
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Tax cuts are supposed to be good news, but charities always complain about a fall in the basic rate of tax. That's because they reclaim the basic rate that is deemed to have been paid by people who give cash to charity - last year, that was 22/78 of a gift, or 28.2%. When the cut to 20% was announced, charities expected to see their income fall - only 20/80, or 25% of the cash, would be reclaimable from the Revenue. In the Budget, the Chancellor announced that charities would still get the same 22/78 for the next three years, up to 5 April 2011. This doesn't change the treatment of the donor - if you are a higher rate taxpayer, you will be due another 20% relief through self-assessment or PAYE to make a total of 40%. Confusing? If you want to clarify the consequences of giving to charity, or if you are involved in claiming Gift Aid relief on behalf of one, we will be happy to advise you.  |
© Bayar Hughes & Co., 2010.