- 23rd March 2018
- Posted by: Suzy Hill
- Category: HMRC News
Charities ‘missing out’ on Gift Aid
HMRC is urging the public to declare Gift Aid on their charitable donations after research found that UK charities are missing out on £600 million in extra funding. Charities and Community Amateur Sports Clubs (CASCs) can claim an extra 25p for every £1 donated if Gift Aid has been declared.
The Exchequer Secretary to the Treasury, Robert Jenrick, said: ‘The UK has thousands of brilliant charities, all working hard to make people’s lives better. Through Gift Aid, we are already giving charities an extra £1.3 billion of funding so they can continue their important work.’
Individuals seeking to add a Gift Aid donation must have paid income tax or capital gains tax to at least the same value as the amount being donated. No additional costs will be applied for those using Gift Aid to donate to charity.
The Gift Aid Small Donations Scheme (GASDS), which was introduced in 2013, does not require declarations on donations worth up to £20. HMRC has written to 50,000 charities in order to make them aware of the GASDS, and continues to work closely with UK charities to ensure they get the most out of Gift Aid.