In this section you will find information on:
Reclaiming tax if you are a higher rate UK taxpayer.
Payroll Giving
Making a gift of shares
How to contact us
If you would like to know any more about the information on this page then please contact Katherine Payne on 0207 620 2066 or
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.
GLFB is unable to offer advice on personal tax issues. So if you are unsure of your tax situation, we recommend that you speak to a financial advisor or contact the Inland Revenue helpline on 0151 472 6043/6046 or 0131 777 4040 in Scotland. Alternatively, visit their website.
Claiming back higher rate tax from HM Revenue & Customs
If you pay higher rate tax, you can claim the difference between the higher rate of tax (40 per cent) and the basic rate of tax (20 per cent) on the total (gross) value of your donation to the charity or CASC.
For example, if you pay tax at 40% and donate £100 post-tax, then the total value of your donation to the charity is £125 (£100 plus gift aid).
You can then claim back 20 per cent of the total value (£25) for yourself. You can make this claim on your Self Assessment tax return if you were sent one.
If you pay the new 50% rate then you will be able to reclaim even more tax.
Choosing to donate your higher rate tax to GLFB
To use Self Assessment Giving you need to enter a charity reference code in the space provided on the ‘Giving your tax repayment to charity’ form that comes with your tax return.
The Greater London Fund for the Blind’s charity reference code is XAK19ZG.
Contacting the HMRC Charities Helpline
For more help you can contact the Charities Helpline on 0845 302 0203 (open from 8.00 am to 5.00 pm, Monday to Friday) or your local tax office.
Payroll Giving
Every £1 you regularly donate to GLFB through your salary will only cost you 80p (60p for higher rate tax payers) – meaning we get more money to fund our crucial work.
Payroll Giving donations are taken directly from your pay, before Tax and National Insurance are deducted, so it is a brilliant way of making a regular donation to us.
Ask your employer today if they have a payroll giving scheme and fill in the attached form to get giving. Please do send us a copy so we can look out for your gift and say thank you!
Shares
Why donate shares to charity?
Over 12 million people in the UK own shares, with a combined value of more than £200 billion. If only a tiny fraction of these were given to charity, imagine what a difference it could make.
What are the benefits for you?
Donating shares to GLFB is one of the most tax-effective ways you can give money. You won't have to pay any capital gains tax on the shares you donate and you can claim income tax relief too. If you are a higher rate taxpayer and give us shares worth £1,000 you will pay £400 less in income tax this tax year.
Also, you will not have to pay capital gains tax on any increase in the value of shares since you bought them.
To qualify for income tax relief, the shares must be listed or dealt on a stock exchange.
How to Donate
If you would like to donate shares to GLFB, contact us using the details above and we will send you a letter acknowledging your intended gift.
What to do with small numbers of shares
Sadly, it is not economically viable for us to accept shares worth less than £200. If you have a few shares and still wish to donate, please donate them to ShareGift. ShareGift is a charity specialising in accepting smaller number of shares and can be contacted on 0207 930 3737 or visit their website. Please remember to mention GLFB when making your donation.
