Finance Act, 1965

Relief for certain gifts.

64.—(1) This section applies to a gift of money which, on or after the 6th day of April, 1965, is made to the Minister for Finance for use for any purposes for or towards the cost of which public moneys are provided and which is accepted by that Minister.

In this subsection “public moneys” means moneys charged on or issued out of the Central Fund or provided by the Oireachtas.

(2) Where a person who has made a gift to which this section applies claims relief from tax by reference thereto, the following provisions of this section shall have effect.

(3) For the purposes of income tax (including sur-tax) for the year of assessment in which the person makes the gift, the amount thereof shall be deducted from or set off against any income of the person chargeable to 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 married woman whose income is deemed to be the income of her husband, the total income of the husband shall be calculated accordingly.

In this subsection “total income” means total income from all sources estimated in accordance with the provisions of the Income Tax Acts.

(4) Where a gift to which this section applies is made by a company, the amount thereof shall be allowed as a deduction in computing for the purposes of corporation profits tax the profits of the company arising in the accounting period in which the gift is made.