Tax Efficient Giving
The SCO is a registered charity (SC015039). This means that if you are a UK tax payer and you make a donation to the Orchestra, we can claim back from HMRC the basic rate of tax you have paid. For example, at current income tax rates, for every £1 you donate to the SCO, your donation is worth £1.25.
If you are a UK tax payer, simply sign the 'Gift Aid' declaration on the Donation Form to enable us to claim the Gift Aid on your donation.
Better still, if you are a higher rate tax payer, you can claim personal tax relief on the difference between the basic rate and the higher rate of income tax through your Self Assessment tax return. So, at current income tax rates, if you make a donation of £800, it will be worth £1,000 to the SCO (including Gift Aid) while costing you only £600 after personal tax relief.
By donating shares to the SCO you will also be able to take advantage of tax efficient giving as well as claiming income or corporation tax relief on certain shares. Gifts of shares allow the donor to deduct from that year's taxable income the market value of the investments at the date of the gifts to the charity, plus any incidental costs incurred in transferring the investments, such as broker's fees, less any proceeds or benefits the donor receives in consequence of the gift.
GIfts of shares to a charity are also free from liability to Capital Gains Tax. However, we are not permitted to claim Gift Aid on share donations.
We recommend you take advice from an accountant or your financial advisor before making a donation of shares to the SCO.