Gift Aid - Higher Rate Tax Rebate
Discussion
Hello all. I’m far from the powerfully built director type so forgive me for asking such a lowly trivial set of questions.
PAYE employee. In 22/23 I was within the threshold for the basic rate. I’m on track to be in the higher rate bracket for the current financial year (23/24).
I tend to donate a bit of cash to various UK registered charities throughout the year with the Gift Aid box ticked and have only recently discovered that higher rate tax payers can reclaim 20% of this from HMRC. My total for donations in 23/24 is around 12k. Am I right in thinking this gets rounded up to include the Gift Aid amount i.e. around 15k and I then claim back 20% of that i.e. 3k?
If the above is correct and my tax code is amended to cover this once I’ve contacted HMRC at the start of the next tax year does the rebate come in the form of one big lump sum in my pay for April or does it get spread evenly across the year?
PAYE employee. In 22/23 I was within the threshold for the basic rate. I’m on track to be in the higher rate bracket for the current financial year (23/24).
I tend to donate a bit of cash to various UK registered charities throughout the year with the Gift Aid box ticked and have only recently discovered that higher rate tax payers can reclaim 20% of this from HMRC. My total for donations in 23/24 is around 12k. Am I right in thinking this gets rounded up to include the Gift Aid amount i.e. around 15k and I then claim back 20% of that i.e. 3k?
If the above is correct and my tax code is amended to cover this once I’ve contacted HMRC at the start of the next tax year does the rebate come in the form of one big lump sum in my pay for April or does it get spread evenly across the year?
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