firstname.lastname@example.org Responsibility for correct declaration is yours as the taxpayer but it does help the Trust a lot if you do keep it informed of any changes – particularly if the tax-paying member of a family subscription ceases to be part of that family
What is Gift Aid?
‘The hardest thing to understand in the world is the income Tax.’
Let’s say you paid £100 in tax last year. It could have been as part of your income tax, or as a tax on a Capital Gain (eg you sold something worth more than when you acquired it – the difference is a capital gain which may attract capital gains tax).
Let’s also say you made a generous contribution to a charity, like the Wendover Arm Trust.
If you tell the Wendover Arm Trust that your donation is Gift Aided, then the Trust (not you) can claim 25% of the value of your donation back from the Government at no cost to you.
You pay £100 tax.
You donate (say) £200 to WAT.
WAT can reclaim £50 (25% of £200) from the £100 tax you have already paid.
Your donation of £200 thus delivers £200 + £50 = £250 to the Trust.
In recent years, the Wendover Arm Trust has benefited from thousands of pounds reclaimed as Gift Aid from its supporters.
But I don’t pay tax! - are you sure? Even the state pension is taxed, and any income you have may be taxed at source.