The Log - Summer 2020

The Log - Summer 2020

Can you help? Ways to donate There are two main ways: through gift aid or inheritance tax planning. You need to make a Gift Aid Declaration (see below) and return a photographed or scanned copy to tonigirdler@balpa.org Donate to the BALPA Benevolent Fund or post it to: Administrator of the BALPA Benevolent Fund, BALPA House, 5 Heathrow Boulevard, 278 Bath Road, West Drayton, UB7 0DQ. The BALPA Benevolent Fund (BBF) is a registered charity that provides support to those in financial need former Your donations will qualify as long as they (in total to all charities) are not or current pilots, flight engineers, helicopter winchmen, more than four times what you have paid in either income tax or capital navigators in commercial aviation; and current or former gains tax during the tax year. You must tell the charities you support if you employees of BALPA or its subsidiaries, their families, and stop paying enough tax. anyone else dependent on them. This is particularly attractive for higher rate taxpayers because you can As a registered charity, the BBF can benefit from the tax claim the difference between the rate you pay and basic rate (20%) on benefits that are available to UK charities, while also your donation either through your Self Assessment Tax Return or through helping to reduce the tax liabilities of donors. your PAYE coding. GIFT AID Donating through Gift Aid means that the BBF can claim an extra 25p for every 1 that you give, at no cost to you. Payments can be made on a monthly basis or as individual payments by standing order to: BALPA Benevolent Fund; Unity Trust Bank Sort Code: 60-83-01 Account number: 20209386 Charity Gift Aid Declaration Boost your donation by 25p of Gift Aid for every 1 you donate. Gift Aid is reclaimed by the BALPA Benevolent Fund from the tax you pay for the current tax year. Your address is needed to identify you as a current UK taxpayer. In order to Gift Aid your donation you must tick the box below: I want to Gift Aid my donation of ______________ and any donations I make in the future or have made in the past four years to the BALPA Benevolent Fund. I am a UK taxpayer and understand that if I pay less income tax and/ or capital gains tax than the amount of Gift Aid claimed on all my donations in that tax year it is my responsibility to pay any difference. INHERITANCE TAX PLANNING If you leave an amount in your will to charity, this will automatically be taken off the value of your estate before inheritance tax is calculated. Therefore, for anyone with an inheritance tax liability, there is an immediate saving of 40% of the value of the gift. Furthermore, if you leave more than 10% of your estate to charity, the rate of inheritance tax on the whole estate is reduced from 40% to 36%. This can make a significant difference to your estate. My details: Title _____ First name or initial(s) _________ ______ Surname ___________________________ Home address ___________________________ ___________________________ Postcode _________________________ ___ Date _________________________ ___ Please notify the BALPA Benevolent Fund if you: Want to cancel this declaration Change your name or home address N o longer pay sufficient tax on your income and/or capital gains If you pay income tax at the higher or additional rate and want to receive the additional tax relief due to you, you must include all your Gift Aid donations on your self-assessment tax return or ask HM Revenue and Customs to adjust your tax code.