Finance Act 2006

Donation of designated securities to approved bodies.

20.— (1) The Principal Act is amended—

(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

(b) in section 848A—

(i) in subsection (1)(a)—

(I) by inserting the following after the definition of “approved body”:

“ ‘designated securities’ means—

(i) shares (including stock), and

(ii) debentures,

of a class quoted on a recognised stock exchange;”,

and

(II) by substituting the following for the definition of “relevant donation”:

“ ‘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—

(i) a sum or sums of money, and

(ii) designated securities, valued at their market value at the time the donation is made,

amounting to, in aggregate, at least €250 to an approved body which is made—

(I) where the donor is a company, in an accounting period, and

(II) where the donor is an individual, in a year of assessment;”,

and

(ii) by inserting the following after subsection (9):

“(9A) Section 611 does not apply to a disposal of an asset, being a relevant donation for the purposes of this section, where—

(a) a claim for relief from tax, or

(b) a claim for repayment of tax,

is made under this section in respect of that relevant donation.”.

(2) Subsection (1) applies as on and from 1 January 2006.