Finance Act, 1985
Amendment of section 21 (payments to universities) of Finance Act, 1973. |
15.—The Finance Act, 1973 , is hereby amended, as respects the year 1985-86 and subsequent years of assessment, by the substitution of the following section for section 21: | |
“Payments to universities and other approved bodies. | ||
21.—(1) Where a person carrying on a trade or profession— | ||
(a) pays any sum— | ||
(i) on or after the 6th day of April, 1973, to an Irish university, or | ||
(ii) on or after the 6th day of April, 1985, to an approved body, | ||
for the purpose of enabling the university or the approved body to undertake research in, or engage in the teaching of, approved subjects, and | ||
(b) the sum so paid is not income to which section 439 of the Income Tax Act, 1967 , applies, | ||
the sum so paid shall, if not otherwise so deductible, be deducted as an expense in computing the profits or gains of the person's trade or profession. | ||
(2) For the purposes of this section— | ||
‘approved body’ means— | ||
(a) the National Institute for Higher Education, Dublin, | ||
(b) the National Institute for Higher Education, Limerick, | ||
(c) the College of Industrial Relations, Ranelagh, Dublin, or | ||
(d) any of the following colleges established under the provisions of the Vocational Education Act, 1930 — | ||
(i) colleges forming part of the Dublin Institute of Technology, | ||
(ii) the Limerick College of Art, Commerce and Technology, or | ||
(iii) regional technical colleges; | ||
'approved subjects' means— | ||
(a) industrial relations, | ||
(b) marketing, or | ||
(c) any other subject which is approved for the purposes of this section by the Minister for Finance.”. |