Gift Aid increases the value of your donations by allowing the College to
reclaim basic rate tax on your gift.
The scheme applies to gifts of money by individuals who pay UK income and/or
capital gains tax. Gift Aid donations are regarded as having basic rate tax
deducted by the donor. The College reclaims the basic rate tax from HM Revenue
& Customs (HMRC). The basic rate of income tax is 20 per cent, so £1,000
donated using Gift Aid is worth £1,250 to the College.
If you are a higher rate taxpayer then you can claim additional tax relief on
your donations. HMRC will increase your tax-free allowance by the difference
between 20% and 40%, or 45%, depending which rate of tax you currently pay.