Gift Aid after 5 April, before 31 Jan - Tax Credits

Gift Aid after 5 April, before 31 Jan - Tax...

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For income tax purposes, Gift Aid donations made after 5 April but before the earlier of 31 January and filing of SA tax return can optionally be carried back to the prior year.

I am unable to see as to whether the same holds in relation to tax credits, or whether for tax credit purposes only the GA actually made in year counts to reduce income. If it does follow IT rules, does the taxpayer have to treat the donations for TC the same way as for IT, or can they be separated elected?

I have searched for confirmation either way, but can't seem to find anything explicit.

Many thanks

Andrew

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Portia profile image
By Portia Nina Levin
02nd May 2015 12:55

(No subject)

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By aiwalters
25th Aug 2014 00:31

are you sure?

Thank you for your response. However I am unconvinced that the sarcasm was necessary.

Nevertheless, I think you're wrong.

SI 2002/2006 regulation 3(7)(b) actually say "any qualifying donation (within the meaning of section 25 of the Finance Act 1990 (donations to charity by individuals) made..."

Looking at section 25 of FA 1990, and the helpful annotations, show that that part of section 25 of FA 1990 was "S. 25 modified (with effect as mentioned in s. 98(6) of the modifying Act) by Finance Act 2002 (c. 23), s. 98(1)-(5)"

Bizarrely, FA 2002 c.23 s 98 is entitled "Gift aid: election to be treated as if gift made in previous tax year", which gives the taxpayer the right to elect to carry back GA donations. Thus, it would appear that one CAN elect to carry back GA for TC purposes. However my question remains as to whether one needs to be consistent between treatment for IT and TC, i.e. can one carry back for IT but not for TC, or indeed carry back a different amount?

Could you kindly use your psychic powers again to help me?

 

 

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Portia profile image
By Portia Nina Levin
02nd May 2015 12:56

(No subject)

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By aiwalters
20th Aug 2015 19:49

Portia, why did you delete your posts?
Your second post was actually helpful; have you changed your mind?

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