Dáil Éireann Debate, Tuesday - 20 November 2012
172. Deputy Seamus Kirk asked the Minister for Finance if he will consider extending tax breaks for philanthropists who will make capital investment to particular health projects; and if he will make a statement on the matter. [51134/12]
View answerSection 848A of the Taxes Consolidation Act 1997 provides for a scheme of tax relief for donations to eligible charities and other approved bodies. An “eligible charity” means any charity which is authorised in writing by the Revenue Commissioners for the purposes of this scheme. An authorisation will not issue unless the applicant charity:
- is a body of persons or trust established for charitable purposes only, and
- applies its income for charitable purposes only, and
- has been granted exemption from tax (i.e. assigned a Charity (CHY) number) by the Revenue Commissioners for a period of not less than two years prior to the date of application for authorisation.
Therefore, provided the investment made by a philanthropist is made in the form of a donation to a body that holds charitable tax exemption, it would already qualify for tax relief.
