Really wish you could give more? Well, you can – 25% extra FREE!!! How much do you know about Gift Aid? UK registered charities are entitled to 25% tax reclaim from the Inland Revenue on every £1 donated by UK taxpayers. Gift Aid is a relief for gifts of money to UK charities. Payments to charities made under Gift Aid are treated as having been made after deduction of Income Tax at the basic rate (20%).
The Charity can then reclaim this tax from the Inland Revenue at a grossed up rate of 25% and thus the Charity gets more. Tax claimed by TEC London will reclaim 25p of tax on every £1 you give on or after 6 April 2010. If you pay income tax at the higher rate, you must include all your Gift Aid donations on your Self Assessment tax return if you want to receive the additional tax relief due to you. What does this mean? For every £1 you give to TEC London, the government will add on an extra 25p.
Therefore, if you give £100, you are actually giving £125 and the £25 is at no extra cost to you. What do you have to do? It’s very easy! Fill a Gift Aid declaration form and help us keep an accurate record of your giving by completing the offering envelopes correctly for, this is the only way we can claim the 25%. If you are a UK tax payer, kindly fill in Gift Aid declaration on our TEC London website below.