Legacies & Tax Efficient Giving
Legacies
The Nuffield is a registered charity and legacies can play a key role in helping to plan and secure its future.
You may not have thought about including a gift in your Will, but if you love theatre you can support The Nuffield with the residue of your estate or a specific gift of money.
If you make a gift to The Nuffield, its value will be deducted from your estate before inheritance tax is calculated, which means that you can help us and reduce your inheritance tax liability at the same time. Leaving a legacy to The Nuffield not only ensures that you money is used tax effectively; it will also help the Company to continue to inspire, create and entertain for many more years to come.
Tax Efficient Giving
The Nuffield is a registered charity 286876 and can therefore benefit from various tax breaks, in the same way that tax payers can. So if you make a £50 donation to the Nuffield Theatre and we make a Gift Aid claim, then that donation could be worth £62.50 to us.
If you are a higher rate taxpayer and you decide to make a £500 cash donation to the Nuffield Theatre, it could be worth £625 to that charity and yet only cost you £375.
If you give £100 to the Nuffield and you are a lower rate taxpayer then that would cost you £100. However, if you were to give the same amount through your payroll, it would cost you £80. If you are a higher rate taxpayer, the same donation would only cost you £60.
Cash gift for higher rate taxpayers
If you are a higher rate taxpayer and you make a direct cash donation to the Nuffield Theatre then you are able to claim through Gift Aid some of the tax you have paid on that income. The Charity is also able to make a claim under Gift Aid.
The donation is worth more to the charity because they are able to claim the basic rate tax you have paid on the income you have donated. As a higher rate taxpayer, you are able to claim the difference between the lower rate tax (that the Nuffield – the charity, are claiming) and the higher rate of tax that you have actually paid. To enable this to happen you will need to complete a Gift Aid declaration that confirms you are a UK taxpayer and agree to Gift Aid being claimed by the Nuffield.
Payroll Giving
Payroll Giving is a government scheme to make it easy for employees to give to charity. It can be one of the most tax efficient ways in which you can support the Nuffield Theatre as you will benefit from the maximum tax break available.
If you choose to give to the Nuffield Theatre through Payroll Giving, the payment is made before tax, which means that a gift of £10 will only actually cost you £8 if you are a standard-rate tax payer (or £6 if you are a higher rate tax payer).
Joining the scheme is easy to do, please ask your employer about Payroll Giving.