Taxes Consolidation Act 1997 section 485B

Relief for gifts to the Scientific and Technological (Education) Investment Fund

Section 485B provided income tax and corporation tax relief for monetary gifts made to the Scientific and Technological Education (Investment) Fund (STEIF) from 6 April 1998, subject to a minimum threshold and documentation requirements. This section was repealed with effect from 6 April 2001 and replaced by the wider donations regime in section 848A.

• A "relevant gift" was a gift of money made to STEIF on or after 6 April 1998, applied solely for STEIF's statutory purposes, and not already deductible under another provision.
• For an individual donor, the net amount of the gift was deducted from or set off against income chargeable to income tax for the year of assessment in which the gift was made.
• For a company donor, the net amount of the gift was deemed to be a loss incurred in a separate trade in the accounting period in which the gift was made.
• Relief was denied unless the donor's gifts in the year or accounting period totalled at least £1,000 net, and STEIF was required to issue a prescribed receipt to support the claim.