Finance Act, 2002
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Amendment of section 1003 (payment of tax by means of donation of heritage items) of Principal Act. |
124.—Section 1003 of the Principal Act is amended— | |
(a) in subsection (2)(a)(I) by inserting the following after “cultural heritage of Ireland”: | ||
“or whose import into the State would constitute a significant enhancement of the accumulated cultural heritage of Ireland”, | ||
(b) in subsection (2)(c)— | ||
(i) by substituting “€100,000” for “€95,250” in both places where it occurs, and | ||
(ii) by substituting “€6,000,000” for “€3,810,000”, | ||
(c) in subsection (3)(a) by substituting “shall, subject to paragraph (d), be estimated” for “shall be estimated”, and | ||
(d) by inserting the following after subsection (3)(c): | ||
“(d) Where the property is acquired at auction by the person making the gift, the market value of the property shall, for the purposes of this section, be deemed to include the auctioneer's fees in connection with the auction together with— | ||
(i) any amount chargeable under the Value-Added Tax Act, 1972 , by the auctioneer to the purchaser of the property in respect of those fees and in respect of which the purchaser is not entitled to any deduction or refund under that Act or any other enactment relating to value-added tax, or | ||
(ii) in the case of an auction in a country other than the State, the amount chargeable to the purchaser of the property in respect of a tax chargeable under the law of that country which corresponds to value-added tax in the State and in relation to which the purchaser is not entitled to any deduction or refund.”. |