For many the news that personal tax rates reduce from 6 April 2008 with a basic tax rate of 20% is good, but not so for the charitable sector who rely on donations under the gift aid arrangement.
Gift aid allows the charity to reclaim the tax at basic rate (rule one: you must have paid enough basic rate tax first to cover the tax the charity will reclaim!), this is great, except from 6 April 2008, which means unless you increase your contribution the charity sector will take a 2% reduction in income!
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