Throughout its history, the generosity of parents, past pupils and friends of Methody has made a significant contribution to the growth and development of the College. How well known to every pupil are the names of our two great benefactors - Sir William McArthur and Sir William Whitla, yet neither attended Methody. Every gift is greatly appreciated and used to improve the facilities and services for our pupils. Making a donation If you would like to make a credit/debit card donation, please click here to visit our secure online facility You can download a Banker's Standing Order Form for a regular monthly or quarterly gift. Or you can send a cheque, made payable to Methodist College Belfast. UK Taxpayers can download a Gift Aid Form to enable the College to reclaim tax. This will increase the value of your gift at no additional gift to you. If you are a basic-rate taxpayer, the College can reclaim tax of 28p for every pound you donate. If you are a higher-rate taxpayer, the College can still reclaim this amount but, in addition, you may reclaim tax personally of 23p for every pound you donate. Example 1 - for a donor paying 22% tax who wishes to give £640 through Gift Aid | The donor sends a cheque for 500 to Methodist College | £500 | | The College reclaims tax paid at 22% | £140 | | The College receives a total of | £640 |
Example 2 - for a donor paying 40% tax who wishes to give £1,000 through Gift Aid | The donor sends a cheque for £780 to Methodist College | £780 | | The College reclaims tax paid at 22% | £220 | | The College receives a total of | £1,000 |
The donor should declare the gift on their tax form and will receive a tax rebate of 18%. (Difference between 22% and higher rate of 40%) | Tax rebate to donor is | £180 | | So net cost to donor is | £600 |
Example 3 - for a donor paying 40% tax who wishes to give £100 a month for five years through Gift Aid | The donor gives £78 each month. Total over five years | £4,680 | | College reclaims tax paid at 22% | £1,320 | | The College receives a total of | £6,000 |
The donor should declare the gift each year on his/her tax form and will receive a tax rebate of 18% | Tax rebate to donor | £1,080 | | So net cost to donor is | £3,600 |
Gifts of Shares Donating shares can be a very tax efficient method of giving to the College Example for a donor wishing to give shares net of tax | A donor gifts shares worth £25,000 to the College (with a capital gains liability, after allowances of £10,000) | £25,000 | | Donor deducts the £25,000 from annual income liable to tax, thereby saving (assuming a 40% tax rate) | 10,000 | | Donor saves a further £4,000 on capital gains tax which would have to be paid on selling the shares | 4,000 | | Net cost to donor | 11,000 | | Methodist College receives | £25,000 |
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