Dáil Éireann Debate, Thursday - 24 September 2015
96. Deputy Michael McGrath asked the Minister for Finance the cost of the tax exemption under section 1003 of the Taxes Consolidation Act in 2014 and in 2015; the number of persons who availed of the scheme in each year; if he will provide details of their donations; and if he will make a statement on the matter. [32635/15]
Amharc ar fhreagraI am advised by the Revenue Commissioners that in 2014 one donation was made under the provisions of Section 1003 of the Taxes Consolidation Act 1997.
The donation consisted of two installations by Willie Doherty, entitled "Remains 2013" and "Ancient Ground 2011". These were valued at €160,000, resulting in a tax credit of €128,000.
I am further advised by the Revenue Commissioners that since 2009 the tax credit available to the donor of heritage items is an amount equal to 80% of the market value of such items.
Details of donations for 2015 will be included in the Revenue Commissioners annual report to the Minister for Finance for that year, in accordance with the provisions of section 1003(12) of the Taxes Consolidation Act 1997.
