Eugene Kim ’86, UK Giving
TO BENEFIT WILLIAMS AND ITS ALUMNI and friends in the United Kingdom, Williams has established the Williams College Foundation (UK) Limited, a private limited company approved by charitable tax authorities in the UK and US. Although registered in the UK the Foundation’s sole shareholder is Williams College. The Foundation is structured to enable UK donors obtain tax relief in both the UK and the US on the same charitable donation.
Gifts made to the Foundation may be eligible for Gift Aid, tax relief designed to encourage charitable giving in the UK. Through Gift Aid charities increase the value of charitable gifts by reclaiming income taxes already paid on the gross amount of the gift. For example, on a £1,000 gift, the Foundation could recover an additional £250 from the UK government at no extra cost to the donor. Higher-rate taxpayers may be entitled to claim further tax relief in their self-assessment tax return. UK taxpayers who are also subject to US tax may be eligible to take advantage of Gift Aid, and also claim a US federal income tax charitable deduction for the amount of the gift made to the Foundation.
"Helping Williams financially can be complicated when living abroad. For US citizens working overseas, the need to navigate two separate and sovereign tax systems is complex, and adhering to the demands of overlapping tax systems can negate or even penalize well-intended charitable gifts.
The Williams College Foundation (UK) Limited specifically allows dual UK-US taxpayers to claim UK Gift Aid and a tax deduction in the UK while still benefiting from a US tax deduction.
Supporting Williams is an important priority for me and my family, and we believe the new foundation will be an enduring development that further extends the global engagement and success of Williams. (Giftwise Spring 2017)