•  

It’s not what you give, it’s the way that you give it

Is your donation to the Bell Repair Fund tax effective? Giving in a slightly different way could reap huge benefits for the Fund. Perhaps we have not yet capitalised effectively on the tax benefits of the gift aid scheme.

There may be good reasons for this. For example, lack of knowledge of the opportunities, fear of the ‘tax system’ or the desire to give anonymously. But objections such as these are easily overcome. The Bell Repair Fund could then gain substantial and valuable additional Government funding in the form of tax refunds to help it achieve its objectives of the restoration and maintenance of our Church bells.

Gift Aid is straightforward. Did you know that if you pay UK income tax at the standard rate and donate £40 to the Bell Repair Fund using the Gift Aid scheme, then the Fund could claim an extra £11.28 back from the taxman? It is even better news if you are a higher rate taxpayer. You can personally reclaim a further £9.23 of the amount given! So, if you are a higher rate taxpayer, the Fund receives £51.28 for every £40 you give and it costs you only £30.77. This is an offer from the taxman that you just can't refuse. Imagine what a difference that could make every year to the Fund and it doesn’t cost you a thing.

The amount of tax you pay in a given financial year must be at least equal to the amount of tax reclaimed by the Fund on your donation in that same year. The tax paid can be income tax or capital gains tax at any rate and can also include tax paid on savings and income. Gift Aid applies to one off or regular donations of any value. There is no minimum amount and no minimum period. So taxpayers, if you are not using this form of giving, what are you waiting for?

If you want to give money under Gift Aid, all you need to do is sign a simple declaration on the gift aid form. Alternatively if you wish to make a regular donation by standing order, a form is available together with a bankers order from the Association Gift Aid Officer.

“It’s not what you give … it’s the way that you give it.”

So what of those objections to using gift aid that I mentioned earlier? Well, it is to be hoped that this article has not only filled any knowledge gap, but has encouraged you to look afresh at the way that your own donations are organised. Collectively, the opportunities are simply too big to ignore. The Bell Repair Fund should not miss out on what is on offer!

It really is so very easy, please feel free to contact the Association Gift Aid Officer, or me if you need any additional information.

John A Courtney