For the 2007 calendar year we have submitted claims to the Inland Revenue for £27,500 in tax repayments, under the Gift Aid scheme, on planned giving and certain other donations to St James. Claims were made in respect of 128 people.
With the reduction in the standard rate of income tax it was feared that charities would see a situation of their tax refunds on donations and gifts being reduced by approximately 10% from April 2008. It was very pleasing to hear the announcement in March that it is now agreed that the amount repaid to charities is not to be reduced and remains at approximately 28% of your gift-aided donations.
At St James we are in the position where the vast majority of our givers already use the Gift Aid scheme (or other tax efficient systems). If you are still making your gifts to the Church by cash in the collection plates and are a taxpayer, please do consider using the white envelopes that can be found alongside the plates. Weekly numbered envelopes or standing orders are also available for your giving; please contact me if you require any further details.
Steve Maddams