Charitable Donations and the Mills Archive Trust
"It has never been more cost-effective to donate money to charity,
thanks to the introduction of tax breaks and flexible methods of
giving" Investors Chronicle 26 April 2002
This summary describes the most effective ways for UK taxpayers to donate money to a
registered charity such as the Mills Archive. More detail is available
from the Inland Revenue. All gifts to the Mills Archive, no matter how
small, are gratefully received and acknowledged.
Your help can make a difference
The Mills Archive is dedicated to protecting historical and
contemporary evidence of mills and milling and assuring future public
access to this valuable material. We are funded by private donations
and by income from any legacies we may receive. We need to invest
substantial amounts to ensure the long-term sustainability of the
Archive and your support can help bring this about. The Mills Archive
Trust relies heavily on those with an interest in mills to help us in
our efforts. Your help will allow us to fund vital work that is so important.
The work of the Mills Archive is immensely varied, covering education,
cataloguing, conservation and research as well as providing a physical
centre and Internet access for researchers and the public to use. All
of this helps us to raise the importance of traditional mills and
milling to our heritage.
Donations
You can send a donation by cheque or postal order to the address
below. Signing a standing order form for a regular
donation of as little as £5 a month would help us plan for the
future.
Gift Aid
Gift Aid allows us to reclaim the basic rate tax you have paid on your
donation.
A donation of £400 is worth almost £513 to us!
If you are a higher rate taxpayer, you can reclaim the additional higher rate tax yourself; on the above donation you would be able to claim back another £92.30 on your tax form.
If you are a UK taxpayer please
- either write and request a Gift Aid form
- send us an email with your name and address indicating you wish your donations to be treated as Gift Aid (you dont then need to sign a form!)
You then increase the value of your donation to us at no cost to yourself!
Payroll Giving
Payroll giving is a very tax-efficient way to benefit your nominated
charity. Your employer deducts your gift before PAYE is worked out so
you do not pay tax on it.
Although employers are not obliged to provide a scheme they can often
be persuaded.
- You get immediate income tax relief at your highest rate.
- The charity gets the tax back plus an additional 10% from the
Government (until April 2003) less a small charge from the Payroll
Giving agency.
- Some employers cover the small agency charge, allowing the full
value of your gift to reach the charity
| Taxpayer Status
| Your monthly donation before tax
| Net cost to you
| Government Grant (10%)
| We receive
|
| Basic rate
| £10
| £7.80
| £1
| £11
|
| Higher rate
| £10
| £6.00
| £1
| £11
|
A donation of £6 per month (higher rate taxpayers) could give us
£132 each year!
Giving Shares and Securities
You can get tax relief at your highest rate for gifts to a charity such
as the Mills Archive of most shares and securities. You deduct from
your income for tax purposes in the relevant year:
- The market value of the shares on the date of the gift
- Any incidental costs such as broker's fees and stamp duty
If you do not usually receive a tax return you should write to your Tax
Office and let them know about the gift. More information is available
in the leaflet IR178 "Giving shares & securities to charity"
Inheritance Tax
Outright gifts and bequest to charities are completely free of
inheritance tax. Request our leaflets on preparing a Will:
Capital Gains Tax
You are not liable to capital gains tax when you make a gift of assets
(eg land, stocks & shares) to charity, even if they are worth more than
when you acquired them.
What Next?
If you would like to support the Mills Archive please
- Complete a cheque or postal order payable to "The Mills Archive Trust"
- Send us a Gift Aid Declaration
- Consider regular donations, either through a
- Payroll Giving scheme, if your employer runs one, or by
- Asking us for a standing order form
- Send the forms etc to us at the address below (we will forward
your Standing Order to your Bank)
Address for correspondence:
The Mills Archive Trust
13 Littlestead Close
Reading
RG4 6UA
Telephone 0118 9478 284
Thank you for helping the Mills Archive
Bank Account: Alliance & Leicester,
Girobank plc, Bootle, Merseyside, GIR 0AA
Sort code 72-00-00 Account 321695488
Text and images © The Mills Archive, 2002-2003