What a year it has been. With the ongoing pandemic the resources of many UK-based charities have become even more stretched and the same can be said for the Ulster Historical Foundation.
The Foundation is registered with The Charity Commission for Northern Ireland (NIC100280) and does not receive any funding from government. In order to offer our range of services we need your support.
As we await (four weeks from the financial year end) the announcements of the Chancellor’s budget, there will be winners and losers, as always, in terms of allowances and tax increases. But it remains the case that tax-efficient giving to charities is a highly effective way for individuals to offset their tax burden.
Did you know there are a number of ways in which you can support charities like the Foundation that will not necessarily ‘hit your pocket’ directly and may in fact be beneficial to you financially?
Gift Aid (for UK taxpayers)
Gift Aid is a simple, yet very effective way of giving to charity. For every pound you are able to give to the Foundation, HM Revenue and Customs will add an extra and substantial 25 pence. This is at absolutely no cost to you.
Importantly, it is worth remembering too that a taxpayer can make an election on their Tax Return for a Gift Aid donation in the current year to be treated as having been made in the previous tax year.
Moreover, making a Gift Aid donation could reduce your tax liability if you pay tax at the higher rate (see below).
Guild membership subscriptions, and direct donations to the Foundation can all be Gift-Aided. If you would like to Gift Aid your membership or donation, email firstname.lastname@example.org to find out how to do so.
Each tax year presents a new opportunity for you to minimise the tax you pay in entirely legitimate ways. Individuals who pay tax at the higher rate in the UK may actually reduce the amount of tax they will be expected to pay each year by donating to Ulster Historical Foundation (or any other charity).
If you are a higher or additional rate taxpayer, you can claim additional relief on gift-aided donations. For example, an £800 donation to the Foundation is actually worth £1,000 because through Gift Aid the charity reclaims £200 from HMRC (in respect of the donor).
A higher rate taxpayer can then also claim an additional £200 of tax relief on the gross donation of £1,000, which effectively reduces the cost of the gift to £600.
There are a number of other relief opportunities and exemptions available to those looking to reduce the value of their taxable estate. These include: annual gift exemption, small gifts and regular gifts out of income. The annual gift exemption could allow donors to gift up to £3,000 each tax year! (Note: allowances may be subject to change by the tax authorities.)
In addition, it is possible for individuals to make a gift to a charity in their will, or during their lifetime. And rather than cash, the gift may be a qualifying investment (for example shares, securities and such property).
Giving through the Irish American Partnership
For US citizens tax-deductible contributions can be made via the Irish American Partnership. The Irish American Partnership is a US 501(c)(3) Non-profit Organization (Tax ID # 22-2801642) which allows a US donor to take a tax deduction for their gift.
The donor can designate Ulster Historical Foundation as the recipient of 100% of the gift to IAP.
An individual can also donate appreciated stock to the Foundation. For example, if an individual owns 1,000 shares with a value of $25 per Share which cost them $5 per Share, the individual can gift the stock to IAP with the Foundation designated as the recipient of the gift. In this case, the person would get a $25,000 tax deduction on their US Federal tax return and in a 25% US tax bracket save $6,250 of taxes.
Any support that you are able to give the Foundation at this time will be greatly appreciated and will be invested in improving our services and creating new research resources.
Note: Individuals should always seek relevant advice and guidance from an independent qualified financial adviser.
WAYS TO GIVE
By bank transfer
Bank: AIB (NI)
Bank Address: 11/15 Donegall Square North, Belfast, BT1 5GB, Northern Ireland
Account number: 10921251
Sort Code: 93 86 55
IBAN: GB86 FTBK 9386 5510 9212 51
Via the Foundation’s website
Use the ‘send money’ function to: email@example.com
Payable to: ‘Ulster Historical Foundation’ and posted to the following address: Ulster Historical Foundation, Bradley Thallon House, Kiltonga Estate, 44D Belfast Road, Ballycullen, Newtownards, Co. Down, BT23 4TJ, Northern Ireland
Through the Irish American Partnership
To speak with Irish American Partnership officers about designated giving to the Foundation, please click here or call: +1 617-723-2707