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3.8. Events at IMMA/RHK
Donations of money, artworks or other assets are vital to continue the development of the Irish Museum of Modern Art’s programmes. Donations are gratefully accepted through the Development Office.
Please contact :
Irish Museum of Modern Art
Tel : + 353 1 612 9900
Fax : + 353 1 612 9999
Email : firstname.lastname@example.org
The Irish Taxation System promotes tax-efficient donating to IMMA, and other charities and approved bodies, through specific provisions designed to facilitate assistance to the Arts. The attraction of these provisions is that they enable taxpayers to make tax payments or to donate works of art in a way which directly and identifiably benefits the Arts.
The provisions form part of a wider body of tax law which is intended to foster a greater appreciation of art and to maintain and enhance the national collection.
Income tax, capital gains tax, capital acquisitions tax and corporation tax liabilities may be mitigated or eliminated through either financial donations or by donations or loans of works of art.
These imaginative provisions give taxpayers with an interest in art an opportunity to assist directly with the development of art in Ireland and the maintenance of Ireland’s cultural heritage.
The above information has been compiled by PricewaterhouseCoopers and IMMA. Please note that Irish tax laws are subject to changes and amendments. Please contact any of the parties listed below to confirm that the information contained here is correct.
Section 848A provides relief for direct financial assistance to Charities and Approved Bodies (The Irish Museum of Modern Art is an Approved Body). The relief is a means of directly funding the Arts in Ireland.Criteria
The donation of a work of art to IMMA can be used to settle a tax liability. Such donations can be used to pay income tax, capital gains tax, gift / inheritance tax or corporation tax.
Heritage items include any kind of cultural item, for example paintings, manuscripts, books and any collection of cultural items which is determined by a Selection Committee to be :
Note: The 2009 budget now offers 80% of the value of donated artwork against tax.
How to claim relief
Section 606 provides an exemption from Capital Gains Tax on the sale of Works of Art by a taxpayer which have been on public display for 10 years. The disposal can be to any purchaser, that is not just to a gallery or museum. It can apply to non-Irish items as well as Irish items of Art.
If the taxpayer disposes of a work of art which meets the criteria below, no capital gains tax (currently 25%) arises.
This applies to Works of Art including pictures, sculptures and prints which,
How to claim relief
Section 77 provides a Capital Acquisitions Tax (CAT) exemption for certain heritage property items which are included in a gift or an inheritance. The relief is available provided that the item(s) is made available for viewing to the public (not necessarily in a museum or gallery) and is not sold for 6 years after the gift / inheritance is made.
A Gift / Inheritance tax liability (currently 20%) arising on receipt of the heritage object can be eliminated if the criteria below are met.
The relief applies to heritage objects which includes pictures, prints and books
How to claim relief
Relief is clawed back if the item is sold within 10 years (unless by private treaty to certain galleries, museums and other institutions).
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