Charities board update
Please note, our Forum rules no longer allow the posting of links to personal fundraising or crowdfunding pages, such as JustGiving. You can read the full set of our Forum rules here.
Please note, our Forum rules no longer allow the posting of links to personal fundraising or crowdfunding pages, such as JustGiving. You can read the full set of our Forum rules here.
Tax relief on charitable donation
Options
jim_walton
Posts: 129 Forumite
Hi, ive received some money as the next of kin. There was no will..I intend to donate it to charity approx £14000..are there any tax implications for me?
Of course I’m no expert.
0
Comments
-
You won't have to pay any tax, but ...
1. If you're able to Gift Aid it, the charity will benefit substantially. If you are a higher rate tax payer, you can reduce your personal tax liability with such a donation.
2. Presumably you've done your sums, but you could run into problems if you are claiming or need to start claiming any means-tested benefits, or require carers or a care home - Google deprivation of assets for more information.Signature removed for peace of mind1 -
Thanks for your reply.. As I understand Gift Aid applies if it's money that I've paid tax on..and only up to the limit that I've paid tax. The money was given to me as Next of Kin. The person who died intestate probably paid tax on it..Of course I’m no expert.0
-
jim_walton said:Thanks for your reply.. As I understand Gift Aid applies if it's money that I've paid tax on..and only up to the limit that I've paid tax. The money was given to me as Next of Kin. The person who died intestate probably paid tax on it..
If the estate had to pay IHT and the death occurred within the last 2 years you could do a deed of variation which would make the gift exempt and some IHT could be reclaimed and given to the charity.1
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards