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If you make a donation to the London Philharmonic Orchestra
and you are a UK tax payer, then you can Gift Aid your donation.
Using Gift Aid means that for every pound you give, the orchestra
receives an extra 28 pence from the Inland Revenue, helping
your donation go further. Gift Aid allows us to reclaim the
basic rate of income tax you've paid on the donation. If you are
a taxpayer, this means that £100 can be turned into
£128 just so long as donations are made through Gift
Aid. You must pay an amount of Income Tax and/or Capital Gains
Tax at least equal to the tax that the London Philharmonic
Orchestra reclaims on your donations in the appropriate tax
year.
On top of that, if you're a higher rate taxpayer, you can
claim further tax relief on the donation in your annual tax
return. For example, if you give the orchestra a donation
of £1,000, you can reclaim £231 from the Inland
Revenue in addition to the £282 which the orchestra
can also reclaim.
Gifts of Quoted Shares and Securities
The rules on donating shares to charities offer donors to
the orchestra a significant means by which to reduce taxes
while maximising their donations.
For example: As a higher rate tax payer, if you donate quoted
shares worth £10,000 (on which you have a taxable gain
of £5,000) you can reclaim full income tax relief on
the gift and save 40% capital gains tax on the £5,000.
This means your £10,000 donation to the orchestra would
only cost £4,000.
Donors may donate the following: listed shares and securities,
units in authorised unit trusts, shares in open-ended investment
companies, holdings in foreign collective investment schemes
and unlisted shares or securities dealt with by a recognised
stock exchange, such as the Alternative Investment Market.
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