Supporting CURUFC
There are various ways you can make a contribution to CURUFC. If you have any questions about any aspect of CURUFC and its development activities, please contact the Office by email or by telephone.
As CURUFC has charitable status due to the University being a registered charity, donors to the club can increase the value of their gifts at no extra cost to themselves while simultaneously reducing their income tax liabilities. Some of the ways in which a tax-efficient contribution to the Club can be made are detailed below:
REGULAR GIVING
Regular donations can be made by Standing Order on an annual, quarterly or monthly basis according to the donor's wishes. If the donor is a UK taxpayer, the Club can reclaim 22%** in basic rate income tax paid on regular donations. Donors paying higher rate tax can personally reclaim the difference between the basic (20%) and higher (40%) tax rates in their tax returns.
Complete information on Gift Aid, including reclaims for higher-rate taxpayers, can be found at the Directgov website.
In 2009, the UK Goverment announced a 50% top rate of tax (with no available reliefs) for individuals earning over £150,000 per annum. Under the Gift Aid Scheme, a donor to CURUFC can claim the difference between the basic and top rates of tax against their personal income tax liability. Donors may also choose to allow CURUFC to receive tax reclaimed in this way through their self-assessment tax returns.
ONE-OFF GIFTS
Donations can be made by cheque, credit or debit card, or bank transfer whenever it is convenient. Like regular donations, one-off gifts are eligible for the Gift Aid Scheme. By completing a donation form, the Club can reclaim basic rate income tax paid on a donor's gift. In addition, higher rate taxpayers can claim the difference between the basic and higher rates of tax.
See the Directgov website for further information on the Gift Aid scheme.
DONATION OF SHARES
Legislation covering the donation of shares and other securities has recently changed in favour of charitable donors, making this one of the most efficient ways of making a contribution to CURUFC.
Donated shares are not liable for Capital Gains Tax and, in addition, a donor can claim the market value of donated shares against their income tax liabilities. A donation of shares originally purchased for £5,000, which have increased in value since purchase to £12,500, will bring £12,500 to the Club, but donors will receive income tax relief of up to 40% of the total value of their donation (£5,000 in this example). By transferring ownership of these shares to the Club (rather than selling the shares and making a cash donation from the proceeds) the donor can save a further 18% in Capital Gains Tax relief (18% of the £7,500 CGT liability in this case is £1,350). The total cost of a £12,500 donation in this example would thus be £6,150.
NB: CURUFC recommends that donors considering making a gift of shares or other securities obtain appropriate financial advice. The availability of tax reliefs (as in the above example) varies according to capital appreciation and personal tax status.
PAYROLL GIVING
Payroll giving schemes automatically deduct the value of donations from an employee's gross salary before tax is paid. Employers who operate payroll giving schemes may also match employees' donations, increasing the value of gifts to CURUFC at no cost to the donor.
TRANSFER OF ASSETS
Donations of any capital assets made to the CURUFC (for example property, works of art or other goods) do not incur Capital Gains Tax or Inheritance Tax, whether or not it is the donor's intention that these should be sold by CURUFC and realised as cash.
OVERSEAS DONORS
Donors living in the USA can make a tax-efficient gift to CURUFC via Cambridge in America (Cam). When making a donation, please express your recommendation that CAm allocates your donation to CURUFC. Can you also please notify CURUFC of your contribution.
