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.”.