If you are a UK taxpayer, you can increase the value of your donation by choosing to donate through Gift Aid.
Gift Aid adds an extra 25% to your donation, at no extra cost to you. Fitzwilliam will make the basic rate tax claim, all you need to do is make a Gift Aid declaration when you make your gift. You need to make sure you have paid at least the amount of tax that Fitzwilliam will claim back, and please make sure you inform us if, for any reason, you stop being a UK tax payer.
If you pay tax above the basic rate, you can claim the difference between the rate you pay and basic rate on your donation. You can do this either, through your Self Assessment tax return or by asking HM Revenue and Customs (HMRC) to amend your tax code.
Example: you make a cash gift (with gift aid) of £1,000 to Fitzwilliam College
A Basic Rate Taxpayer: £1000 (gift amount) | £250 (gift aid) | No tax reclaim
Final cost to donor = £1000 | Benefit to Fitzwilliam = £1250
A Higher Rate Taxpayer: £1000 (gift amount) | £250 (gift aid) | £250 (tax reclaim)
Final cost to donor = £750 | Benefit to Fitzwilliam = £1250
Additional Rate Taxpayer: £1000 (gift amount) | £250 (gift aid) | £312.50 (tax reclaim)
Final cost to donor = £687.50 | Benefit to Fitzwilliam = £1250
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