Gift Aid

[mtread]

Err no. The system assumes you are proving the 'gift' to a registered charity and are paying it out of income taxed at the standard rate of 20%. The charity then claims back from HMRC the tax you have paid on it (at 20%). You cannot claim back anything, unless you pay tax at the higher rates of 40%or 45%. Then you can offset it against your total income, reducing your liability at the higher rate.