Dáil Éireann Debate, Wednesday - 29 September 2004
722 Mr. Perry asked the Minister for Arts, Sport and Tourism if his attention has been drawn to the circumstances outlined in the enclosed correspondences (details supplied); the avenues open to them to resolve this matter; and if he will make a statement on the matter. [22212/04]
View answerThe case relates to the possible application of Section 1003 of the Taxes Consolidation Act 1997. That section provides tax relief in respect of donations to specified national cultural institutions known as approved bodies of items determined by a selection committee in accordance with the section.
The following is a list of the approved bodies under the legislation:
— The National Archives,
— The National Museum,
— The National Library of Ireland,
— The Irish Museum of Modern Art.
The relief consists of a tax credit equal to the value of the heritage item(s) donated which can be credited against the donor's tax liabilities. To qualify, an item must be considered an outstanding example of the type of item involved, pre-eminent in its class, whose export from the State would constitute a diminution of the accumulated cultural heritage of Ireland, or whose import into the State would constitute a significant enhancement of the accumulated heritage of Ireland. It must be considered suitable for acquisition by the approved body to which the heritage item is being donated. In addition the open market value of the item/collection of items must be at least €150,000 and, in the case of a collection, at least one item in the collection must have a minimum value of €50,000.
The Minister for Arts, Sport and Tourism, with the consent of the Minister for Finance, has the authority to approve further bodies for the purposes of the relief. Such additional bodies must be funded wholly or partly by the State or a public or local authority. The Revenue Commissioners role in relation to the section 1003 scheme is confined to the valuation of items determined by the selection committee to be heritage items and to ensuring that credit against tax is given to the value of heritage items donated. In this particular case, the donation has already been made to a body not encompassed by the legislation and would appear, therefore, not eligible for consideration under the Act. However, I have asked my Department to look into the matter further and I will communicate with the Deputy as soon as possible.
