The tax reclaim amount is calculated using the formula:
[Total Gift Amount ⁄ (100 - Tax Rate)] x Tax Rate
For example, a donation of £50 would have a tax claim amount of £12.50 using the 20 percent Tax Rate (for information on the most current tax rate please review http://www.hmrc.gov.uk/rates/):
(50 /80) x 20 = 12.5
Note: The R68 (New Gift Aid) report in all versions of The Raiser's Edge calculates tax to 4 decimal places, as per guidelines from HMRC, with the following exceptions:
- Version 7.80
- 7.81 with a cumulative patch earlier than patch 24
If you are on either of the versions listed above:Download and install the latest patch, which contains all fixes from previous patches. If you are running an older version, download and install the latest version and then the patch.