The Guild Bell Restoration Fund is a registered charity which enables the Guild to recover the tax paid on any donations which are covered by a Gift Aid Declaration. At current rates of tax (20% basic rate) the Guild can reclaim 25p from Her Majesty’s Revenue and Customs (HMRC) for every £1 paid. All tax paying members are encouraged to make a Gift Aid Declaration to cover any donations made to the Guild.
After making your declaration no further action is needed on your part but the following HMRC advice should be noted:-
- You can cancel this declaration at any time by notifying the charity.
- You must pay an amount of income tax and/or capital gains tax at least equal to the tax that the charity reclaims on your donations in the tax year (currently 25p for each £1 you give).
- If in the future your circumstances change and you no longer pay tax on your income and capital gains equal to the tax that the charity reclaims, you can cancel your declaration.
- If you pay tax at the higher rate you can claim further tax relief in your Self Assessment tax return.
- If you are unsure whether your donations qualify for Gift Aid tax relief, ask the charity. Or ask your local tax office for leaflet IR113 Gift Aid.
- Please notify the charity if you change your name or address.