Tax effective giving
There are a number of ways to maximise your gift to Climb Any Mountain at no extra cost to you.
- Setting up a donation from your gross pay – before tax has been paid – your gift is worth more to us, and also costs you less! This is because the money you would have paid tax on comes straight to us instead, and you are taxed on less income.
- Setting up payroll giving is simple. Contact your HR department who will ask you to complete a form that will give them permission to deduct donations to Climb Any Mountain straight from your pre-tax salary.
- There is no maximum of what you can give via payroll giving. You can even change the amount to whatever you want, for example if you choose to gift more when your bonus comes in.
- Click here to find more about payroll giving.
Any gift of shares to Climb Any Mountain will be exempt from Capital Gains Tax (tax your normally have to pay on any profits you make when selling shares). In addition you can receive income tax relief on the market value of your shares. These tax exemptions mean that a gift of shares to Climb Any Mountain will reduce the actual cost of the donation to you.
For example – if you are a higher rate tax payer and you gift £10,000 worth of shares to Climb Any Mountain:
- You reclaim 40% higher rate tax relief on the £10,000 gift
- Your gift of shares worth £10,000 to Climb Any Mountain would only cost you £6,000
- For example – if you are a basic rate tax payer and you gift £10,000 worth of shares to Climb Any Mountain:
- You reclaim 20% higher rate tax relief on the £10,000 gift
- Your gift of shares worth £10,000 to Climb Any Mountain would only cost you £8,000
To reclaim your tax, you will need to include the details of all the gifts of shares you have made within the financial year on your Self Assessment Form. This form can be completed online. Please visit the HM Revenue & Customs website for details or contact the self assessment helpline on 0845 900 0444.