Entry from British & World English dictionary
Definition of deed of covenant in English:
An agreement to pay a regular amount of money, particularly when this enables the recipient (typically a charity) to reclaim any tax paid by the donor on the amount.
- ‘I remember once I spent a month going round all the company's Swindon offices encouraging people to make their regular donations by deed of covenant instead of just giving deductions from their pay,’ she said.
- A child or other relation can provide a deed of covenant for an older person to assist with nursing home fees and claim income tax relief at their marginal rate on contributions.
- To protect its investment the Government has also entered into a deed of covenant with the groups stipulating the terms under which State funding has been provided.
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.