If you are a UK taxpayer, you may qualify for Gift Aid, which adds 25% to the value of your donation at no extra cost to you. This means that a £100 Gift Aid donation is effectively worth £125 to UCL.
UCL will reclaim 28p of tax on every £1 you gave up to 5 April 2008.
UCL will reclaim 25p of tax on every £1 you give on or after 6 April 2008.
In addition, if you pay higher rate tax, you are able to claim the difference between the higher rates of tax (40 and/or 50 per cent) and the basic rate of tax (20 per cent), based on the total of the gift you have made plus the Gift Aid UCL can claim on your behalf.
See http://www.hmrc.gov.uk/individuals/giving/basics.htm for more information.
For example, if you donate £100, the total value of your donation to the charity is £125 - so you can claim back:
- £25 if you pay tax at 40% (£125 at 20%)
- £37.50 if you pay tax at 50% (£125 at 30%)
You can make this claim on your Self Assessment tax return, if you were sent one or request a P810 tax review form from your tax office if you do not normally complete a self assessment form.
Gift Aid can apply to donations of any amount, made by cash, cheque, direct debit, standing order, debit or credit card, or even donations made with foreign currency (including Euro).
In order for UCL to reclaim the tax you have paid on your donation(s), you must have paid or will pay an amount of UK Income Tax and/or Capital Gains Tax for each tax year (6 April one year to 5 April the next) that is at least equal to the amount of tax that all the charities that you donate to will reclaim on your gifts for that tax year (currently 25p for every £1 you give). Other taxes such as VAT and Council Tax do not qualify.
UCL is an exempt charity with HMRC No: X6243
To make a tax efficient donation, simply sign the Gift Aid Declaration on the UCL gift form. It is also possible to make a verbal Gift Aid declaration if you are donating over the phone.