The UK has one of the most favourable systems for tax-efficient giving to charities. Through Gift Aid, the orchestra can claim back from HMRC the basic tax rate you, as an individual, have already paid. As a result, every £1 you donate is worth £1.25 to us. Higher and Additional rate taxpayers can also claim tax relief on the difference between the basic rate and the rate at which their gross income is taxed. Therefore a donation of £800 will give us £1000, while costing you only £550 after personal tax relief, if you are an additional rate (45%) taxpayer, or £600 if you are a higher rate (40%) taxpayer.
If you wish to make your donation as Gift aid please download the donation form and return it to us at Instruments of Time and Truth, 37 Chalfont Road, Oxford OX2 6TL.
If your employer or pension provider runs a Payroll Giving scheme, you can make tax-efficient gifts directly from your pay or pension. The donations are made after National Insurance contributions are calculated but before income tax is worked out and deducted. This means you get tax relief on your donation immediately and you only pay tax on what remains. You complete a form for a government-approved Payroll Giving agency to let them know where to send your donation, and your employer passes the gift onto them. On a gift of £1,000, a 20% taxpayer will save £200 in tax (actual cost to you £800), and a 40% taxpayer will save £400 (actual cost £600). To find out more, please contact your company’s Human Resources Department or your pension provider.