On your Marks, Gift Aid, Go!
Did you know that you as a taxpayer can help fund future Olympic champions? Many people are aware of the tax breaks for giving to charities through Gift Aid, but not many realise that the scheme also applies to the 6,800 Community Amateur Sports Clubs (CASCs) who are registered with HMRC.
The scheme means that for every £80 donation from UK taxpayers, a club can get an extra £20 through Gift Aid – making a £100 donation.
Anthony Thomas, Chairman of Low Income Tax Reform Group (LITRG), said:
“A Gift Aid donation to a local sports club is a great way for taxpayers to support sportspeople because it gives clubs the chance to claim tax relief on the money they use to promote and provide facilities. Many of those competing in Rio might not be there were it not for the support of local clubs.”
A full list of clubs registered with HMRC can be found on GOV.UK for those looking to donate.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.