Tax-efficient Ways of Giving
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The main ways of making a tax-efficient donation are as follows:
If you are a UK taxpayer the Fettes Foundation can reclaim £282, for every £1,000 you donate, from the Inland Revenue through the Gift Aid scheme. If you are a higher-rate taxpayer, you can reclaim £231 on every £1,000 you donate. Simply enter the details on your tax return. For example:
|
Single Gift |
Net Cost to You |
Fettes Receives |
| £1,000 | £769 | £1,282 |
| £7,800 | £6,000 | £10,000 |
| £19,500 | £15,000 | £25,000 |
|
Multiple Gift |
Frequency |
Duration |
Net Cost |
Fettes Receives |
| £10.86 | per month | 3 years | £300 | £500 |
| £54.30 | per month | 6 years | £3,000 | £5,000 |
Tax Refund Gifts
If you are a UK taxpayer and complete a Self-Assessment tax form, you can donate all or part of your refund to the Fettes Foundation. Enter the Fettes Foundation charity code JAK 40AG when completing your Self-Assessment. You can choose to make your refund a Gift Aid donation.
Payroll Giving
Many employers offer payroll giving, which means that you can give to the Fettes Foundation and get immediate tax relief at your highest rate of tax. Employers frequently match or even double your contributions.
|
Pledge |
Cost to You |
Cost to You |
Employer |
Fettes |
| £5 | £4 | £3 | £5 | £10 |
| £100 | £80 | £60 | £100 | £200 |
Stocks and Shares
You can receive a double-form of tax relief by contributing gifts of stocks and shares to the Fettes Foundation: the value of the gift can be offset against any income tax liability, as well as exemption from any liability for capital gains tax.
If you are a higher-rate taxpayer who donates £10,000 worth of shares to the Fettes Foundation, your income tax liability is reduced by £4,000, as well as avoiding any capital gains tax, a further saving of £4,000. This means that shares can be given at much reduced cost (personal cirumstances may change this).
The Foundation's stockbroker is Speirs & Jeffrey Limited, 36 Renfield Street, Glasgow G2 1NA and Andrew Waddell (Ca 82) can be reached at (0141) 248 4311. Please contact John Lang, the Foundation Director if you would like to discuss donating shares or if you would like more information.
Legacies - leaving money to Fettes in your will
All bequests to Fettes are exempt from Inheriance Tax, currently at 40% - the threshold for individuals is £300,000 and £600,000 for married couples or civil partnerships.
Leaving Fettes a gift in your will is possibly the greatest gift you can offer during your lifetime and one that will have long-term benefit for the lives of our students. There are several types of legacies:
- Residuary Legacy – a percentage of the residue of your estate
- Pecuniary Legacy – a specific sum of money
- Specific Bequest – property, stocks and shares, books and works of art
- Codicil – an additional bequest or change to an existing will
- Reversionary Legacy – a gift that passes to Fettes only after the death of a spouse or relative.
Professional legal advice is always recommended when you are drawing up or changing your will.
US Taxpayers
If you are a taxpayer in the United States, you can qualify for an income tax reduction on gifts made to the Friends of Fettes Inc., our not-for-profit organisation registered in the USA. Your donation qualifies under Section 501(c)3.
Please send your US donations to:
Friends of Fettes College Inc., Arthur Page Esq., Palmer & Dodge LLP,
111 Huntington Avenue at Prudential Center, Boston, MA 02199-7613