Hi tax friends
If a HRTP donor makes a lump donation to a charity, what’s the maximum gift aid capacity per tax year (ignoring gift aid carry back) ?
At first glance it’s 4x tax paid. Or is it ?
S423 ITA 2007 talks about the tax treated as deducted etc vs the IT and CGT paid in the year etc.
What about this example :
IT paid before Gift Aid relief 20k (BR and HR)
Gift Aid donation 80k
Charity claims back 20k gift aid
But the taxpayer will also get HR relief so the actual tax paid after HR relief will be a bit less than 20k.
So does s423 etc restrict relief where a HRTP makes a 4x gift aid payment ? I think it may do as Amount B in s423 appears to be after the HR relief.
Could anyone just validate my thoughts ?
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