Overview of Gift Aid
Gift Aid is a tax relief allowing UK charities to reclaim an extra 25% in tax on every eligible donation made by a UK taxpayer.
When a UK taxpayer gives a gift of money to a charity, tax has already been paid on that money. Because charities are exempt from tax, you can claim this money back from HM Revenue & Customs (HMRC).
IRIS Financials Charity Edition calculates the eligible amount of Gift Aid to reclaim using a rule. The rule looks at the transactions posted to the Gift Aid eligible nominals and applies the current Gift Aid rate to those transactions.
A Gift Aid Schedule report compiles the applicable donor information in the format required by HMRC, which you upload to your account as evidence of your Gift Aid claim.