Gift Aid for Higher Rate Taxpayers
Are you a Higher Rate Taypayer (those with a taxable income between £43,001 & £150,000)?
or Additional Rate Taxpayer (taxable income over £150,000)?
If you pay tax at a rate of 40% or above, you can claim back the difference between the higher and basic rate donation
You can do this:
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through your Self Assessment Tax Return or
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by asking HM Revenue and Customs (HMRC) to amend your tax code
Example 2:
Additional Rate Tax Payer at 45% (those with a taxable income over £150,000)
You donate £10,000 with gift aid
SongBird Survival can then claim 25% from the Inland Revenue, at no extra cost to you, which will boost your donation to £12,500
You can then claim the difference (25%) between the rate you pay and the basic rate on your donation
Therefore you can claim 25% x £12,500 = £3,125
Making the actual cost to you £6,875
This makes a £10,000 donation to SongBird Survival worth £12,500
and will only cost you either £7,500 or £6,875
You do not need to tell SBS what rate of tax you pay when you make your declaration
*Please note - You have to claim the difference back, SongBird Survival is unable to do this for you. For more information on how to claim back please visit www.gov.uk/donating-to-charity/gift-aid