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Issue:
4481
/
Categories:
Comment & Analysis
, Capital Gains
, Companies
, Income Tax
, Inheritance Tax
How gift aid works, and the special schemes it offers
KEY POINTS
- A recent HMRC report considers the growing popularity of the gift aid scheme.
- Gift aid is one of the few tax reliefs that can be carried back but don’t be caught out.
- Tax relief for donations can be negated if an excessive benefit is received.
- Companies can also claim relief for charitable donations.
- Donations of more than 10% of an estate can result in reduced inheritance tax liability.
The saying is that “charity begins at home” and home is as good a place as any to start. A drawer in my study contains a medal that belonged to my late great-grandfather Bernard Emblem. It’s a Knighthood of the Order of St Gregory the Great awarded to him by Pope Pius XII.
Various family in-jokes...
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