The Countryside Alliance Foundation will allocate the additional funds from GiftAid to enhance several key areas, providing greater benefits to rural communities. Here’s how these funds will be utilised:
Strengthening Rural Policy Advocacy:
- Policy Research and Development: Increasing efforts in researching rural issues to develop comprehensive policies that address the unique challenges faced by rural communities.
- Lobbying and Advocacy: Enhancing engagement with policymakers to ensure rural concerns are prioritised in legislative agendas, including issues related to farming, rural businesses, and community services.
- Community Outreach: Organising events and forums to gather input from rural residents and ensure their voices are heard in policy discussions.
Expanding Fishing for Schools:
- Programme Expansion: Extending the reach of the Fishing for Schools programme to more regions, allowing more students to benefit from this unique educational initiative.
- Resources and Equipment: Investing in high-quality fishing equipment and educational materials to improve the learning experience for students.
- Training and Support: Providing additional training for instructors and support staff to ensure the highest standards of education and safety in the programme.
- Programme Expansion: Extending the reach of the Fishing for Schools programme to more regions, allowing more students to benefit from this unique educational initiative.
- Resources and Equipment: Investing in high-quality fishing equipment and educational materials to improve the learning experience for students.
- Training and Support: Providing additional training for instructors and support staff to ensure the highest standards of education and safety in the programme.
By directing the additional funds from GiftAid towards these areas, The Countryside Alliance Foundation aims to create significant and lasting benefits for rural communities, ensuring they thrive and are well-represented in national policy discussions. This comprehensive approach not only addresses immediate needs but also invests in the long-term sustainability and vitality of rural life.
How does Gift Aid work?
Gift Aid is a UK tax incentive that allows charities to reclaim tax on donations made by UK taxpayers. This means that for every £1 you donate, the charity can claim an additional 25p from HM Revenue and Customs (HMRC), making your donation go further.
What do I need to do to use Gift Aid?
You need to complete a Gift Aid declaration form, confirming that you are a UK taxpayer and have paid at least as much Income Tax or Capital Gains Tax as the charity will reclaim
How does Gift Aid benefit higher rate taxpayers?
If you are a higher rate taxpayer (40%), you can claim the difference between the higher rate and the basic rate (20%) on the gross value of your donation. You do this through your Self Assessment tax return. For instance, on a £100 donation (grossed up to £125 with Gift Aid), you can claim back £25, reducing the net cost to you to £75.
How does Gift Aid benefit additional rate taxpayers?
If you are an additional rate taxpayer (45%), you can claim the difference between the additional rate and the basic rate (25%) on the gross value of your donation. For a £100 donation (grossed up to £125 with Gift Aid), you can claim back £31.25, reducing the net cost to you to £68.75.
Can companies benefit from making donations to charities?
Yes, companies can deduct the value of their donations to charities from their total business profits before calculating Corporation Tax. This can include donations of money, equipment, trading stock, land, property, or even employees on secondment.
How does Corporation Tax relief work for donations?
If a company donates £1,000 to a charity, it can reduce its taxable profits by the same amount. With the current Corporation Tax rate at 19%, this could save the company £190 in tax, making the net cost of the donation £810.
What records do companies need to keep for charitable donations?
Companies should keep accurate records of all charitable donations made. This includes the amount donated, the date, and the recipient charity. These records are necessary to ensure the donations are correctly deducted when calculating taxable profits.
What are the benefits of donating to the Countryside Alliance as a taxpayer?
- For individuals: You can boost the value of your donation through Gift Aid, and if you are a higher or additional rate taxpayer, you can also benefit from personal tax relief.
- For companies: Donations can reduce your taxable profits, offering a direct tax saving.
How do I claim tax relief on my charitable donations?
If you are an individual, you claim tax relief through your Self Assessment tax return. If you are a company, you deduct the donations when calculating your taxable profits.