Brand Bitesize: Income Tax – Charitable Gifts
To help you prepare for your CII R03 exam, this Brand Bitesize video explains Income Tax: Charitable Gifts – also a quick revision tool for AF1.
This video is correct as at 10 September 2024.
Income Tax – Charitable Gifts
There are two main ways in which we can make charitable gifts out of income: via Gift Aid or via Payroll Giving. Gift Aid is a scheme available to charities which allows them to reclaim income tax already paid over to HMRC. Employers can set up and run a Payroll Giving scheme. Under Payroll Giving, the employer deducts charitable donations from the employee’s salary before calculating tax under PAYE. This is the same as the net pay method for occupational pension scheme contributions and ensures that the deduction from salary gives income tax relief at the individual’s highest rate.
Check out this short, informative video - it's Brand Bitesize, and this one's all about 'Income Tax: Charitable Gifts' – useful for #CII R03, and AF1 exam revision. Share on X
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