GIFT AID WORKS FOR YOU AND FOR OXFORD PHILOMUSICA

Gift Aid is a wonderful opportunity to increase the value of the gift at no extra cost to you. As a registered charity Oxford Philomusica can add 25% to the value of your gift if you are a UK taxpayer.

Donors must have paid  an amount of Income Tax and/or Capital Gains Tax for each tax year that is at least equal to the amount of tax that all the charities that they donate to will reclaim on their gifts for that tax year. VAT and Council Tax payments do not qualify as taxes for the purposes of Gift Aid.

A Gift Aid declaration is included in our donation form. Furthermore, if you are a higher-rate taxpayer in the UK, you may also claim back the difference between the higher rate of tax at 40% and the basic rate of tax at 20% on the gross value of your donation.

For example:

• You donate £1,000

• You are a higher-rate taxpayer, paying 40% income tax on part of your income and have made a Gift Aid declaration

As a result:

• The gross value of the gift to Oxford Philomusica including Gift Aid is £1,250

• As a higher-rate taxpayer, you can also claim a tax rebate of £250 (20% of the gross value of gift) when you make your tax return 

• Which effectively means that the donation has cost you £750, but it is worth £1,250 to Oxford Philomusica

From April 2010, ‘additional-rate’ taxpayers can claim the difference between the new 50% rate and the basic rate.

TAX REFUND SCHEME

A scheme of HM Revenue & Customs allows a donor to pass all or part of any tax refund you may be due for a particular tax year (whether as a result of charitable giving, or from other sources) to a named charity. Even better, the charity may then claim Gift Aid on this money, even if the original donation was Gift Aided. The scheme is therefore highly tax efficient.

We would like you to consider making Oxford Philomusica that charity. Even better, the charity may then claim Gift Aid on this money, even if the original donation was Gift Aided.

This is how the scheme works:

If you are completing a self assessment tax return, you can nominate Oxford Philomusica to receive any tax refund you may be due. The refund will be paid directly to us by HM Revenue & Customs once they have processed your tax return and confirmed that a repayment is due.

How to donate your tax refund

If you wish to donate any tax refund you may be due, please enter Oxford Philomusica's unique identifier number [please contact the OP office] on your self assessment return. You do this separately for each tax year, and each year only one charity may be nominated.

Gift Aid

You can boost the value of the donated tax refund by 25%, at no extra cost to you, by ticking the Gift Aid box on your self assessment return. HM Revenue & Customs will then pay to Oxford Phil an extra 25p for every pound you donate.  Donors must have paid  an amount of Income Tax and/or Capital Gains Tax for each tax year that is at least equal to the amount of tax that all the charities that they donate to will reclaim on their gifts for that tax year. VAT and Council Tax payments do not qualify as taxes for the purposes of Gift Aid.

For example:

Original donation:

If your donation is £1000
The taxman will add £250 for Gift Aid
Your donation will be worth £1250 to Oxford Phil

BUT you can then pass on your tax refund to the orchestra:
Your tax refund is £375
The taxman will add £93.75 for Gift Aid
The TOTAL value to Oxford Phil is now £1718.75

For more information

If you require any information about making a donation to us through your self-assessment tax return, please contact Simon Payne our Development Manager on simon@oxfordphil.com. You can also contact HM Revenue & Customs directly by phoning their charities helpline on 08453 02 02 03.

Explanatory note:

Your original donation is £1,000 to the Oxford Philomusica.

You are a higher-rate taxpayer, paying 40% income tax on part of your income and have made a Gift Aid declaration

As a result the gross value of the gift to Oxford Philomusica including Gift Aid is £1,250.

As a higher-rate taxpayer, you can also claim a tax rebate of £250 (20% of the gross value of gift) when you make your tax return. This effectively means that the donation has cost you £750, but it is worth £1,250 to Oxford Philomusica.

From April 2010, ‘additional-rate’ taxpayers can claim the difference between the new 50% rate and the basic rate.

But you can then pass on your tax refund to the orchestra:

Your tax rebate of £250 or £375 will be repaid to you via your self-assessment tax form. It is this money (and any rebate from other sources) that you can nominate to go to a charity of your choice – in this case Oxford Philomusica. You can put an upper limit on the amount of money to go to the charity via this route. (We can then, amazingly, claim Gift Aid on the £250 or the £375.)