M Treasury has published an update on the Gift Aid Scheme. The scheme has raised over £13bn for charity in the 25 years since it was launched. The update was published on the eve of the annual Children in Need telethon.
The Gift Aid scheme is available to all UK taxpayers and allows for 25p of tax relief on every pound donated to charity. Last year alone Gift Aid was worth over £1.2bn to UK charities. Higher rate taxpayers are eligible to claim relief on the difference between the basic rate and their highest rate of tax.
HMRC has recently been working to boost eligible donations to the scheme…