the 2001 Finance Act intrdouced a uniform scheme of tax relief for donations to charities and other approved bodies.
Relief may be claimed by both individuals and companies and the minimum donation in any year is €250.
PAYE taxpayers.
Relief is granted on a "grossed up" basis to the approved body rather than by way of seperate claim.
Self-employed taxpayers
A claim for relief in respect of the donation is made when filing his/her tax return and there is no grossing up arrangements.
The donation will not reduce a persons relevant earnings for the purposes of calculating retirement annuity relief.
Companies
A claim for the donation can be made as a trading expenses or an expense of mamagment for the accounting period in which it is made and there is no grossing up arrangement.
If you require more information please consult your tax advisor or email us at tax@fixmytax.com. |
