gift aid

gift aid
A system enabling individuals and companies to donate money to charities and for the charities to recover the tax paid on these donations (thus increasing the value of the donation by 28% in 2005-06). The taxpayer must make a gift aid declaration to the charity, stating that the payment is to be treated as gift aid. This system was first introduced in 1990, but tax relief was subject to the donation being of a minimum value. From April 2000, however, the system was extended to gifts of any value, including regular and one-off payments. It replaced the deed of covenant in favour of charities from that date, although existing covenants remain valid. There are equivalent arrangements whereby tax relief can be obtained on gifts of land, stocks and shares, or plant and machinery.

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  • Gift Aid — is a scheme to enable tax effective giving by individuals to charities in the United Kingdom. The Gift Aid scheme was originally introduced in Finance Act 1990 for donation from 1 October 1990, but was originally limited to cash gifts of £600 or… …   Wikipedia

  • Gift Aid — noun A UK government scheme allowing charities to reclaim the tax paid on donations • • • Main Entry: ↑gift * * * gift aid UK US noun [uncountable] british an arrangement that allows a charity that you give money to, to get extra money from the… …   Useful english dictionary

  • gift aid — gift ,aid noun uncount BRITISH an arrangement that allows a CHARITY that you give money to, to get extra money from the government …   Usage of the words and phrases in modern English

  • gift aid — A system enabling individuals and companies to donate money to charities and for the charities to recover the tax paid on these donations (thus increasing the value of the donation by 28% in 2005–06). The taxpayer must make a gift aid declaration …   Accounting dictionary

  • Gift Aid — noun A policy that enables charities to reclaim the income tax on donations from taxpayers …   Wiktionary

  • gift aid — UK / US noun [uncountable] British an arrangement that allows a charity that you give money to, to get extra money from the government …   English dictionary

  • GIFT — GIFT, the transfer of legal rights without any consideration or payment. It is essentially no more than a sale without payment and all the principles of the law of sale apply (see sale ). The Da at of the Parties The decision (gemirat ha da at)… …   Encyclopedia of Judaism

  • Gift of Tongues (Glossolalia) —     Gift of Tongues     † Catholic Encyclopedia ► Gift of Tongues     (Glossolaly, glossolalia).     A supernatural gift of the class gratiae gratis datae, designed to aid in the outer development of the primitive Church. The theological bearing… …   Catholic encyclopedia

  • aid — [n1] help, support advancement, advice, advocacy, alleviation, allowance, assist, assistance, attention, backing, backup, benefaction, benefit, benevolence, bounty, care, charity, comfort, compensation, cooperation, deliverance, encouragement,… …   New thesaurus

  • Gift economy — Watercolor by James G. Swan depicting the Klallam people of chief Chetzemoka at Port Townsend, with one of Chetzemoka s wives distributing potlatch …   Wikipedia

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