Gift Aid is a cost effective way of giving to charities such as the Club.
Our thanks to Noel Kelleway, VP & Past 1st XV Captain for his assistance in preparing these
notes. Noel is a partner in Chartered Accountants, Rickard Keen & Co.
Gift Aid cannot be claimed in respect of annual subscriptions.
MEMBER DONATIONS VIA GIFT AID
Members can make a donation to the Club via Gift Aid & deduct Basic Rate tax from the sum given. For a donation of (say) £100, tax relief of 20% can be deducted at the present time. The donor pays £80 to the Club and signs a Gift Aid form stating that the amount is a gift subject to Gift Aid.
Our Club Treasurer then makes a claim to HMRC to have the tax deducted paid to the Club. This means that a donor, by making a net gift of £80 has in fact added to the Club’s resources to the tune of £100. The Club receives 25% more than the net sum given.
HIGHER RATE TAX REFLIEF
Members who pay higher rate tax can not only deduct basic rate tax from their donation but are also entitled to claim higher rate tax relief through the “Other Outgoings” section of their tax return.
Through the self assessment system, higher rate relief is then given. A 40% tax payer would make a payment of £80 to WRFC on a £100 donation plus claim a further 20% tax relief through the self assessment system. In this way the net cost to the member of donating £100 to the Club, is £60.
A 50% taxpayer would receive basic rate relief as described above and also a further 30% tax relief through the self assessment system. The net cost to the donor is £50 and the Club receives £100.
Our Hon. Treasurer recovers basic tax from HMIT.
This is why approved charitable organisations (Community Amateur Sports Clubs such as Westcliff RFC) are keen to receive Gift Aid donations in addition to Annual Subs.
HOW TO DONATE VIA GIFT AID (GIFT AID FORMS)
To donate, please Click Here