College Gift
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Somerville College - Gift aid and deed of covenant for UK Tax Payers Somerville College Skip to Content The College | Prospective Students | Current Students | Former Students | Conferences | Notices | Contacts Home | Alumni and Friends Events | Degree Day | The Association of Senior Members | Missing Members | Development | Contact Us | Site Map Gift aid and deed of covenant for UK Tax Payers Deeds of Covenant have been superseded by the new Gift Aid scheme. However, if you have a covenanted gift to the College which was set up before 6 April 2000, you need take no action. Your donation will continue as before and will be tax effective under the Gift Aid scheme until the deed expires. If you set up a deed of covenant on or after the 6 April 2000, you will need to make a Gift Aid declaration to ensure that your gifts remain tax effective. Gift Aid is a scheme by which you can give a sum of money to charity and the charity can reclaim from the Inland Revenue the basic rate tax (currently 22%) on your gift, at no extra cost to you. That increases the value of the gift you make to the charity. Under current regulations for example, if you give £10 using Gift Aid, your gift would be worth £12.82 to Somerville. If you are a higher rate tax payer, you can claim relief on the difference between the basic rate and higher rate of tax on your annual tax return. Please note:You must pay at least as much tax as Somerville will reclaim on your gift(s) in the tax year in which you make them (tax credits on dividend income will count towards the tax paid). The tax year runs from 6 April in one year to 5 April in the next. If you have any queries about Gift Aid, please speak to the Development Office. You can make payments by cash, cheque, postal order, direct debit, standing order, debit or credit card or even in a foreign currency (including the euro). Subject to a few rules, you can give any amount, large or small, regular or one-off, and Somerville can reclaim the tax. In order for Somerville to claim Gift Aid on your gift, you need to make a declaration confirming that you want your gifts to be treated as Gift Aid donation. Please click here to access a Gift Aid declaration form or contact the Development Office. Accessibility Statement © Somerville College 2003. Last Modified: 2:27pm on the 28th of January 2005
Housewarming Gifts Articles Special
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Anniversary Gift Ideas 1st
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Golf Gift Basket Caddypack
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