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Gift Aid and Tax Paid

Practical Issues
Dod101
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Gift Aid and Tax Paid

#219799

Postby Dod101 » May 6th, 2019, 5:33 pm

I have just filed my tax return online, having resolved to get it done early this year. However I got a shock because for the first time I can remember, the tax relief on Gift Aided donations has exceeded my liability to tax. Ah Yah! as the Cantonese are wont to say in such circumstances. I pay very little tax as my income comes from dividends and although they are not all protected from tax, I am moving in that direction. I usually have substantial CGT which absorbs the gift aided tax relief but last year there was little or none for various reasons.

Something to watch out for, and I must say that I did not realise that HMRC did the calculation so directly.

Dod

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