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• The self employed person can claim the tax back at the end of each year on donations.
• For the PAYE person whatever you give, the School can claim back the tax on your donation.
• To avail of the tax benefit you must give a minimum of € 250 in the tax year.
If you donate a minimum of €250.00 during the year and you pay income tax exclusively through the PAYE system, the value of your donation to Our Lady’s School of Evangelisation-Knock can be increased dramatically.
Our Lady’s School of Evangelisation-Knock can claim an extra 25% of the value of your donations if you pay income tax at the standard rate of 20%, while we can claim an extra 69% if you pay tax at the higher rate of 41%. All of this at no extra cost to you.
For PAYE taxpayer
A PAYE person gives e300 in the year. The OLSE - Knock can claim back the tax that they have paid on the e300, i.e:
|
At 20% - An additional € 75 |
For the Self Employed taxpayer
A Self Employed person giving € 300 in the year when making tax returns at the end of the year can claim back either € 123 or € 60 depending on tax rate (41% or 20%). So over the five years to give the e1500 only costs € 885.
Corporate Gifts
Corporate donations of cash, shares or other saleable assets to Our Lady’s School of Evangelisation- Knock are deducted before calculating a company’s taxable profit, thus providing significant corporate tax relief. Additional relief is allowed at the corporation tax rate on the amount given to a registered charity.
Consider a montly gift |
Over 60 months (5 years) |
Indyvidual PAYE (Payment or Pledge) |
Taxation Claimed by OLSE |
Individual Self Assessed (Payment or Pledge) |
Taxation Claimed by Individual |
50 |
3000 |
1,770 |
1,230 |
3000 |
1,230 |
40 |
2,400 |
1,416 |
984 |
2,400 |
984 |
30 |
1,800 |
1,062 |
738 |
1,800 |
738 |
25 |
1,500 |
885 |
615 |
1,500 |
615 |