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@ what ratio is it tax deductible in the UK?

2007-12-17 09:31:35 · 1 answers · asked by gigm 1 in Business & Finance Taxes United Kingdom

1 answers

If an individual donates money under gift aid then this is deemed to be net of basic rate tax (22%). The charity then reclaims that tax.

If you are a standard rate taxpayer thete is no further deduction but if you pay at the higher rate you can claim the additional relief (i.e. 40 - 22 = 18% of the gross figure)

A business making allowable deductions would just deduct the donation from its profits just like any other expense.

2007-12-17 11:18:15 · answer #1 · answered by tringyokel 6 · 1 0

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