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Amendment of section 1003A (payment of tax by means of donation of heritage property to an Irish heritage trust) of Principal Act.
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122.— (1) Section 1003A of the Principal Act is amended by inserting the following after subsection (11):
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“(11A) (a) In the event that Fota House in County Cork is acquired by the Trust, either by way of a relevant gift under this section or otherwise, and the collection referred to in paragraph (b) is acquired by the Trust by way of gift, relief under this section shall, subject to paragraphs (c) and (d), be granted in respect of the collection on the basis that Fota House was acquired by the Trust by way of a relevant gift and the collection formed part of the contents of the building.
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(b) The collection referred to in this paragraph (in this subsection referred to as the ‘ collection ’) is a collection—
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(i) of either or both Irish paintings and furniture which was displayed in Fota House in the period 1983 to 1990,
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(ii) which is to be housed by the Trust in Fota House, and
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(iii) in respect of which the Minister, after consulting with such person (if any) in the matter as the Minister may deem to be necessary, is satisfied that the collection is important to establishing the aesthetic context of Fota House.
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(c) This subsection shall not apply unless the collection is gifted to the Trust before the end of 2007.
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(d) Relief under this section, in respect of the market value of the collection as determined in accordance with subsection (3), shall, where this subsection applies, be granted to the person making the gift to the Trust of the collection, notwithstanding that that person is not the person from whom Fota House was acquired by the Trust.”.
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(2) Section 1003A of the Principal Act, as amended by subsection (1), applies as respects the year of assessment 2007 as if in subsection (2)(d) “€10,000,000” were substituted for “€6,000,000”.
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