Taxes Consolidation Act 1997 section 606

Disposals of work of art, etc, loaned for public display

Section 606 provides an exemption from capital gains tax on the disposal of a work of art that has previously been loaned to an approved gallery, museum, or the Irish Heritage Trust and displayed to the public for a qualifying period.

• A work of art (including pictures, prints, books, manuscripts, sculptures, jewellery, and other works of art) with a market value of at least €31,740 at the date of the loan qualifies for this relief.
• The object must be loaned to a Revenue-approved gallery or museum in the State, or to the Irish Heritage Trust, and the public must be afforded reasonable access to view it during the loan period.
• The qualifying loan period is not less than 10 years (6 years for loans made before 2 February 2006), though the object need not be on continuous display for the entire period.
• On disposal after the qualifying period, the person who made the loan is treated as disposing of the object for a consideration that produces neither a gain nor a loss for capital gains tax purposes.