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Tax Effective Giving
Making the most of your donation
There are a number of ways of ensuring that your donation to the RCM is tax efficient and takes advantage of the Government's popular Gift Aid and associated programmes. These programmes mean that your gift will have the greatest possible value to the College, usually at no direct cost to you.
Gift Aid - for single or regular donations to the RCM by individuals
All donations made to charity by UK taxpayers are eligible for Gift Aid, a simple and tax efficient way of ensuring that your donation has the greatest value to the RCM at no further cost to you. Provided you indicate that your donation is eligible, either in a written declaration or over the telephone, then the RCM is able to reclaim the basic rate of income or capital gains tax already paid on your gift, increasing your donation by an extra 28p for every £1 that you give.
Furthermore, if you are a higher rate taxpayer, then you can also reclaim the difference between the basic and higher rates of tax (currently 18%) on the gross value of your gift.
To make the Gift Aid process more efficient for donor and recipient you need only inform the RCM once to ensure that all of your subsequent donations are eligible - please see below for a downloadable form.
Gifts of shares - for donations of shares to the RCM
By donating shares to the RCM 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 tranferring 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.
Self-assessment - allowing individual tax payers to assign tax rebates to the RCM
From April 2004 Self Assessment taxpayers are able to use the tax return form to donate to charity all or part of any repayment due to them. The donation will go direct to the chosen charity's bank account; the taxpayer can choose to Gift Aid the donation (see above) and any tax Gift Aided donations will be paid to the charity without the need for a claim. The Royal College of Music's unique code for this is 'UAM86KG' and this should be used on the Self-assessment tax return to ensure that the payment reaches the College's account directly.
Legacies and inheritance tax - allowing individuals to leave financial bequests to the RCM which are exempt from inheritance tax
Any financial legacies or bequests left to the RCM are exempt from inheritance tax. Since the RCM is a registered charity any legacies donated to the College are deducted from your estate before any tax liability is calculated.
You can contact Lily Harriss on 020 7591 4303 to discuss how to make your donation to the RCM tax efficient.
Gift Aid Form (28 kb)