DONATIONS:A LOBBY group representing Ireland's leading charities and aid agencies has given a "cautious" welcome to the commission's recommendation relating to charitable donations.
The Irish Charities Tax Reform Group (ICTRG) welcomed the proposed reduction in the tax relief threshold from €250 to €100. But the group, whose members include Concern, Trócaire, Goal, Amnesty International and the Society of St Vincent de Paul, expressed “significant disappointment” over the proposal to standardise the reliefs. This, the statement said, was likely to effectively cut the benefit to charities.
The ICTRG added the proposal to replace the existing “complicated upper limit on donations” with “a straight-forward ceiling of €500,000” was to be applauded.
On philanthropy, the report also recommended that income tax relief for expenditure on heritage buildings and gardens be discontinued. It said the scheme for payment of tax by means of donation of heritage property should be retained but modified so the tax relief is limited to 50 per cent of the value of the property donated.