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.

Accounting dictionary. 2014.

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