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SOLR_PROP

Finance Act, 1985

Gifts to the President's Award Scheme.

16.(1) (a) In this section—

tax” means income tax or corporation tax, as the case may be;

the President's Award Scheme” means the award scheme known as “‘Gaisce’—The President's Award” established under the patronage of Uachtarán na hÉireann by trust deed dated the 28th day of March, 1985.

(b) This section applies to a gift of money which—

(i) is made on or before the 5th day of April, 1986, to the trustees of the President's Award Scheme to be applied by them for the purposes of that scheme, and

(ii) is not deductible in computing for the purposes of tax the profits or gains of a trade or profession or is not income to which the provisions of section 439 of the Income Tax Act, 1967 , apply.

(2) Where a person proves that he has made a gift to which this section applies and claims relief from tax by reference thereto, the provisions of subsection (3) or, as the case may be, subsection (4) shall apply.

(3) For the purposes of income tax for the year of assessment in which a person makes a gift to which this section applies, the amount thereof shall, subject to subsection (4), be deducted from or set off against any income of the person chargeable to income tax for that year and tax shall, where necessary, be discharged or repaid accordingly; and the total income of the person or, where the person is a wife whose husband is assessed to income tax in accordance with the provisions of section 194 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , the total income of the husband shall be calculated accordingly:

Provided that relief under this section shall not be given to a person for a year of assessment—

(a) if the amount of the gift (or the aggregate of the amounts of gifts) made by him in that year, being a gift or gifts, as the case may be, to which this section applies, does not exceed £100, or

(b) to the extent to which the amount of the gift (or the aggregate of the amounts of gifts) made by him in that year, being a gift or gifts, as the case may be, to which this section applies, exceeds £10,000.

(4) (a) Subject to paragraph (b), where a gift to which this section applies is made by a company the amount thereof shall, for the purposes of corporation tax, be deemed to be a loss incurred by the company in a separate trade in the accounting period of the company in which the gift is made.

(b) No relief under this section shall be given to a company in respect of a gift (or the aggregate of the amounts of gifts) made by it in any period of twelve months ending on the 5th day of April, being a gift or gifts, as the case may be, to which this section applies—

(i) if the amount of the gift (or the aggregate of the amounts of those gifts) does not exceed £100, or

(ii) to the extent to which the amount of the gift (or the aggregate of the amounts of those gifts) exceeds £10,000.