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Donation of designated securities to approved bodies.
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20.— (1) The Principal Act is amended—
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(a) in section 611(1)(a) by substituting “Subject to section 848A, where a disposal of an asset” for “Where a disposal of an asset”, and
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(b) in section 848A—
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(i) in subsection (1)(a)—
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(I) by inserting the following after the definition of “approved body”:
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“ ‘designated securities’ means—
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(i) shares (including stock), and
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(ii) debentures,
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of a class quoted on a recognised stock exchange;”,
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and
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(II) by substituting the following for the definition of “relevant donation”:
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“ ‘relevant donation’ means, subject to subsection (3A), a donation which satisfies the requirements of subsection (3) and takes the form of the payment or the donation, as the case may be, by a person (in this section referred to as the ‘donor’) of either or both—
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(i) a sum or sums of money, and
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(ii) designated securities, valued at their market value at the time the donation is made,
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amounting to, in aggregate, at least €250 to an approved body which is made—
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(I) where the donor is a company, in an accounting period, and
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(II) where the donor is an individual, in a year of assessment;”,
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and
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(ii) by inserting the following after subsection (9):
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“(9A) Section 611 does not apply to a disposal of an asset, being a relevant donation for the purposes of this section, where—
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(a) a claim for relief from tax, or
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(b) a claim for repayment of tax,
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is made under this section in respect of that relevant donation.”.
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(2) Subsection (1) applies as on and from 1 January 2006.
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