Zakaat
Zakaat is the Fourth Pillar of Islam.
It is an annual payment made by Muslims. It is not a tax imposed by Islam, but a due fixed by Allah (S.W.T) so that the wealth of a person may be purified.
 Zakat becomes due on savings which have been kept for one full year. 
      
      Two and a half percent (2.5 %) of the total money is given to the poor  and needy. For, example, if a person has £100.00 in savings which he has 
      kept for a year, Zakat of £2.50 will be Farz on  him. 
It is important to 
      note that Zakat is paid by each person not each  household. 
      
      Zakat is an act of worship. It is also a way of  showing sympathy to 
      those who are less fortunate. It is meant to take  away from our hearts
      greed and the love of money. It is also to build  the gap between the rich and the poor. 
It is a Hadith of the Prophet (S.A.W) reported by Hazrat Abu Huraira (R.A) that: “Every morning two angels come down from the Heaven. One says, "O Allah! Reward all those who give in Your cause," while the other says, "O Allah! Uproot every miser who withholds".