Aquinoe Learning Centre Charitable Trust has just received £2172.80 from HM Revenue and Customs (HMRC), a welcome addition to charity funds, made through the Gift Aid scheme.
The scheme is designed for anyone who pays UK tax. If an individual donates money to a charity on which he/she has already paid tax (and has signed the relevant form) then the charity may reclaim the basic rate tax back from HM Revenue & Customs (HMRC).
As basic rate tax is 20 per cent at the moment, it means that if someone gives £10 using Gift Aid, it’s worth £12.50 to Aquinoe.