A panel of individuals, usually businessmen and people of highstanding in the local community, who adjudicate on certain disputes between taxpayers and the Inland Revenue. One off payments of more than 250 made to a registered charity. The charity reclaims the basic rate tax you have deducted and you receive higher rate tax relief if you have sufficient income. Under the millennium gift aid scheme the 250 limit is reduced to 100 for payments to participating charities for the benefit of third world countries. Interest will be paid to you, normally at a rate fixed when the gilts were issued.
Some gilts are index linked.
The interest on these, and the amount of the loan, increases with inflation. A scheme which gives you tax relief for payments to charity. The payments are deducted from your wages by your employer and paid to a charitable agency. You can then choose which charities you wish to make donations to. From 6 April 2000 there will be no upper limit on donations made in this way.