In a major boost to our fund-raising efforts, the Hyde Park Redevelopment has received approval as a Sports Project from An Roinn Iompair, Turasóireachta agus Spóirt. This means that donations received are deemed to be after the deduction of income tax … with the result that Cuala can claim a tax refund from the Revenue Commissioners.  

When a PAYE taxpayer makes a donation for the redevelopment project Cuala is deemed to have received the payment net of income tax. The club is then entitled to claim a refund of the income tax deducted after the donation has been “re-grossed” at the donor’s marginal rate. To re-gross, the net donation is multiplied by 100 and divided by 100 minus the individual’s marginal rate of income tax (currently either 20% or 40%). 

For example, if a supporter who pays PAYE with a marginal rate of income tax of 40% makes a donation towards the redevelopment project of €600, Cuala will be in a position to claim a further €400 from the Revenue Commissioners - a total of €1,000!