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HMRC publishes FAQ on Gift Aid transitional relief
Submitted by howardlake on 10 April, 2008 - 11:51.
HM Revenue and Customs (HMRC) has published guidance on the transitional relief element of Gift Aid, following the announcement of the changes in the 2008 Budget.
The information makes it clear what charities can claim for, and how much to claim for depending on when the donation was made up to 5 April 2008 or on or after 6 April 2008.
Most importantly, it makes it very clear that charities do not need to claim the transitional relief on any donations made on or after 6 April. HMRC's advice states that "providing you make your Gift Aid repayment claim within two years of the end of the accounting period or tax year to which the claim relates, HMRC will automatically add the transitional relief when we allow your claim."
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Gift Aid Transitional Relief
Customers using GATS Gift Aid Tax Software from Cleaford Services Ltd now have a free upgrade to handle the transitional relief arrangements. Although the TR element does not appear on the R68 schedule, GATS users will be able to see the actual amoun that they should have refunded by HMRC. Details at www.giftaid-software.co.uk
Angus Cleaver