Did you know:
your charity donations can be increased by the taxman? A system called Gift Aid will add a percentage on top of your donation according to the tax band your salary falls into. If you are a UK taxpayer, and pay sufficient tax, your gift to Glenalmond College may be eligible for Gift Aid. For basic rate taxpayers this is currently 25 pence for every pound you donate, e.g. if you give £10 using Gift Aid, it's worth £12.50 to Glenalmond.
If you don't pay enough tax you may have to pay HMRC any shortfall in tax paid.
Relief for higher rate taxpayers - If you pay higher rate tax, you can claim the difference between the higher rate of tax 40 and/or 45 per cent and the basic rate of tax 20 per cent on the total 'gross' value of your donation.
For example, if you donate £100, the total value of your donation to the charity is £125 - so you can claim back:
£25 - if you pay tax at 40 per cent (£125 × 20%)
£31.25 - if you pay tax at 45 per cent (£125 × 25%)
This calculator will show you how much more generous you can afford to be.