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Time limits for Gift Aid claims begin in 2006

first_imgThe Institute of Fundraising is reminding charities that 2006 is the first year in which they will be affected by the time limits for making Gift Aid tax claims.Currently charities can claim tax back on any donation from 6 April 2000 onwards made by a UK taxpayer who has completed a Gift Aid declaration. Time limits for these retrospective claims come into play this year. Charities that are registered companies must make a Gift Aid tax claim within six years from the end of the accounting period to which the claim relates. Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 18 January 2006 | News Time limits for Gift Aid claims begin in 2006  15 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. The Institute gives an example: “if a charity which is a company for tax purposes, wishes to claim for Gift Aid donations made during its financial year ended 31 December 2000, it must do so by 31 December 2006 at the latest.”Charities which are classified as trusts for tax purposes must make any claim within five years of 31 January in the year following the end of the tax year to which the claim relates.Again, the Institute offers an example: “for Gift Aid donations made during the year ended 5 April 2001, a charity which is a trust for tax purposes has until 31 January 2007 at the latest to make a claim.”In other words, any charity that has outstanding Gift Aid tax claims for donations made in the fiscal year ended 2000/01 should make those claims promptly.In addition, given these time limits, charities might need to consider the wording on their Gift Aid declaration forms, many of which refer to the ability to reclaim tax back to 2000.Megan Pacey, Director of Policy & Campaigns, at the Institute of Fundraising, said: “This is the first time that Gift Aid time limits will impact UK charities and we are urging all fundraisers to ensure that they don’t miss the boat. It is important that any charity with outdated Gift Aid tax claims actions them within the specified time limits to ensure that the charity benefits from the generosity of the Exchequer.”Of course, this change offers a useful opportunity to get back in touch with supporters who have not yet signed up to Gift Aid.The Institute has published a free information sheet “Did you Know Time Limits for Making Gift Aid Claims” which can be downloaded from its website.last_img read more