|
 Taxes Consolidation Act, 1997
Part 19, Chapter 7, Section 606
The TCA, 1997 contains a number of provisions which are designed to endue the Irish Taxation system with the ability to facilitate assistance to the Arts. The provisions give taxpayers the opportunity to assist in the growth of culture in Ireland and in the protection of the cultural heritage of the state.
Section 606 provides for a full relief on the Capital Gains Tax that would arise on disposal of a work of art.
The section may be relied on if
(a) the work has been loaned to an approved gallery or museum in the State;
(b) is, in the opinion of the Revenue Commissioners, valued at more than EUR €31,7401 (IEP£25,000);
(c) is on display to which the public have ‘reasonable access’;
(d) has been on display for a minimum period of ten* years (the ‘qualifying period’)
*Note: Objects loaned before the 2nd February 2006 have a qualifying period of six years.
If the work of art is disposed of after this qualifying period, the disposal is treated as having accrued neither a loss nor a gain for the purposes of the Capital Gains Tax Acts.
[1] Section 240(1) of the Finance Act, 2001 and Schedule 5 from Jan. 1st 2002.
|
|
|
This is a list of all the donations made under the Section 1003 provision. |
|
Read more...
|
|
|
Part 42, Chapter 5, Section 1003
Originally introduced by the 1995 Finance Act, the Taxes Consolidation Act, 1997 contains a tax relief in respect of donations of items of important national heritage to the national collections, through approved bodies. The Taxes Consolidation Act, 1997 contains a number of provisions which are designed to enable the Irish Taxation system with the ability to facilitate assistance to the Arts. The provisions give taxpayers the opportunity to assist in the growth of culture in Ireland and in the protection of the cultural heritage of the state.
The tax credit available is equal to the value of the heritage item donated on the day of valuation as determined by the Revenue Commissioners.
Section 1003 is designed to allow the settling of a tax liability by the donation of a heritage item to an approved body. A ‘heritage item’ includes, but is not limited to; archaeological items, manuscripts, books or painting which is determined to be a ‘heritage item’ by a selection committee.
|
|
Read more...
|
|
|
Tax and art 
