25th birthday of Gift Aid celebrated.
M2 EQUITYBITES-November 13, 2015-25th birthday of Gift Aid celebrated
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HM Treasury on Thursday reported that the government is marking the 25th anniversary of Gift Aid on the eve of Children in Need. Gift Aid has raised more than GBP13bn for charities in the UK.
Treasury minister Damian Hinds hailed the success of 25 years of Gift Aid and encourgaged more individuals and charities, both large and small, to make their donations go further. Via the scheme GBP0.25 of tax relief can be claimed by a charity on every pound donated. The scheme was introduced in the Finance Act 1990 and saw GBP10m claimed in its initial year.
Hinds commented "I'm delighted that we have now seen a quarter of a century of Gift Aid. In that time the scheme has helped people across the UK see their gift go that bit further. We will continue to improve the scheme whilst encouraging more charities and people to make the most of it to maximise the Gift Aid claimed on eligible donations."
The government has been working with the sector in an effort to develop a new, simpler, Gift Aid form, which is scheduled to be introduced in April next year, which will make it easier for eligible donors to sign up to Gift Aid their donations. Also from April 2016 the government will increase the limit on the amount of money a charity can claim through the Gift Aid Small Donations Scheme each year to GBP8,000 from GBP5,000.
(EUR1 = GBP0.71)
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