taraloft
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Deducting Gift Aid Donations from Taxable Income of previous year
Hello. Can a gift aid donation paid to a charity before 31st January 2024 be used to reduce the total taxable income for the previous year 2023/24? I know that the Gift Aid relief can be claimed in the previous year; but it is not clear whether this also means that the total taxable income for the previous year can be reduced? And do you deduct the total amount of the donation from taxable income, or only the gift aid amount? Thank you