One way to maximise the impact of your donations is through Gift Aid. Gift Aid is a valuable scheme offered by the UK government that allows charities like ours to claim back 25p every time a UK taxpayer donates £1, at no extra cost to the donor. This simple and effective program can significantly boost the value of your contributions.
How Gift Aid Works: When you make a donation to Opera Holland Park, we encourage you to declare that you are a UK taxpayer and wish to Gift Aid your donation. By doing so, you are giving us permission to reclaim the basic rate tax on your gift.
Here is how it works:
Declaration: You make a donation and complete a Gift Aid declaration form which you then send to Opera Holland Park, 37 Pembroke Road, London W8 6PW. This form includes your name, address, and confirmation that you are a UK taxpayer. You can also make this declaration over the phone: 020 3846 6222.
Claiming the Tax: Once we have your Gift Aid declaration, we can claim 25p from HM Revenue and Customs for every £1 you donate. For example, if you donate £100, we can claim an additional £25 through Gift Aid, making your total donation worth £125.
What happens if you are subject to a higher tax rate? If your tax rate is 40% or higher, you have the opportunity to recover the gap between the elevated tax rate and the standard rate on the entire amount of your donation. To access this added tax benefit, you should:
- Ensure your Gift Aid donations are included in your Self-Assessment Tax Return.
- Request HM Revenue and Customs to modify your tax code.
Who Can Gift Aid? To qualify for Gift Aid, you must meet the following criteria:
- Be a UK taxpayer.
- Have paid enough income or capital gains tax in the tax year to cover the amount we will reclaim.
- Make a clear Gift Aid declaration when you donate.
- Donations from companies are not eligible for Gift Aid.
- Gifts made with Charities Aid Foundation (CAF) vouchers have already had Gift Aid claimed on them by CAF, so further Gift Aid cannot be claimed.
For more details on eligibility, please see the HMRC website.
Do I have to make a declaration with every donation?
You do not have to make a declaration with every donation. The declaration wording covers present, future and past donations, and we can back-claim for four years, and we will continue to do so until you tell us otherwise, thus, as long as you are eligible.
If you have changed your name, moved to a new address or no longer qualify for Gift Aid due to a change in tax circumstance, please let us know by calling us on 020 3846 6222 or by emailing giftaid@operahollandpark.com
Benefits of including a bequest in your will:
Donating a legacy to a charitable organisation ensures exemption from Inheritance tax. Find out more about the tax implications of leaving a legacy here.
How to make a Gift Aid declaration
You can make a Gift Aid declaration to Opera Holland Park over the phone on 020 3846 6222, option 2, by email at development@operahollandpark.com or by logging into Your Account on our website.
