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How does the Personal Savings Allowance affect the Gift Aid on my Charity Saver donations?
With the introduction of the Personal Savings Allowance from 6 April 2016, the government expects that 95% of savers won’t have any tax to pay on their savings income (source: HMRC ‘Deduction of income tax from savings income – implementation of the Personal Savings Allowance’ consultation document 15 July 2015). If you don’t have any income tax to pay and no longer have to pay tax on any savings income, you may not be eligible to have charities claim Gift Aid on contributions from your interest on your Charity Saver account. It may be necessary to let us know in writing that you no longer qualify for Gift Aid, in which case we will stop passing it on to your chosen charity. If you are unsure about whether or not this applies to you, please contact a financial adviser or HMRC.
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