Taxes Consolidation Act 1997 section 207

Rents of properties belonging to hospitals and other charities

Section 207 exempts from income tax the rental income and certain other income of charities, provided the income is applied solely for charitable purposes within a specified timeframe.

• Rental income and profits from properties belonging to hospitals, public schools, almshouses, or held in trust for charitable purposes are exempt from income tax, provided the income is used only for charitable purposes
• Investment income (interest, annuities, dividends, distributions and annual payments) of charitable bodies or trusts is similarly exempt, as is investment income of trustees applied solely to repairing buildings used for divine worship
• The income must be applied for charitable purposes by the end of the fifth year after the year in which it was received, though Revenue may extend this deadline if the funds are in the process of being applied for charitable purposes
• Claims for exemption must be verified by affidavit, and any person making a false claim in respect of income chargeable under Schedule C forfeits €125