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Gift aid scheme

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Gift aid scheme

  • This topic has 1 reply, 2 voices, and was last updated 13 years ago by Tax Tutor.
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  • November 5, 2011 at 9:09 am #50348
    pastorgold
    Member
    • Topics: 7
    • Replies: 6
    • ☆

    i have been using and working exercises with this word gift aid but honestly i do not really know what it means . Tutor, can you please give me a brief explaination of the word.there are some donations made under gift aid and some are not. at times i am caught up as to knowing which is supposed to be exempt or not.
    thanks

    November 9, 2011 at 8:34 pm #89375
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Gift aid just means an individual or company agree that the donation is made under gift aid so that they get tax relief. The charity then completes a form to confirm to the taxman the donation is made uder this scheme
    Learn the rules of how tax relief is given in chapter 2 of OT notes for individuals and chapter 12 for companies

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