Taxes Consolidation Act 1997 section 483

Relief for certain gifts

Section 483 provides tax relief from income tax or corporation tax for gifts of money made to the Minister for Finance, where the gift is accepted for use towards any purpose funded by public moneys.

• The section applies to monetary gifts made to and accepted by the Minister for Finance for any purpose for or towards the cost of which public moneys (moneys charged on or issued out of the Central Fund or provided by the Oireachtas) are provided.
• An individual who makes a qualifying gift may deduct the amount from his or her income chargeable to income tax for the year of assessment in which the gift is made, with tax discharged or repaid as necessary; where the individual is jointly assessed, the assessable spouse or civil partner claims the deduction.
• A company that makes a qualifying gift is treated as having incurred a loss in a separate trade for the accounting period in which the gift is made, allowing the loss to be set against the company's profits under the normal loss relief rules.
• The ring-fencing provisions in sections 396A and 420A do not apply to a loss arising under this section, so the deemed loss can be offset against non-trading income.