Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In accordance with section 1003 of the Taxes Consolidation Act 1997, tax relief is available to certain taxpayers who donate heritage items to Irish national collections. The purpose of the scheme is to assist approved bodies to acquire important heritage items for their collections, items that might otherwise be exported from the State, constituting a diminution of Ireland's accumulated cultural heritage. The open market value of the item or the collection of items donated must be at least €150,000. The tax credit due to the donor is 80% of the market value of the donation and may be set against income tax, corporation tax, capital gains tax or gift and inheritance tax liabilities. The heritage item must be an outstanding example of the type of item involved, the suitability of which is determined by a committee of experts. Currently, the aggregate value of items donated under this scheme in any one year cannot exceed €6 million. The responsibility for ensuring compliance with this cap rests with the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media, Deputy Martin. This section increases the cap on the donation of heritage items scheme from €6 million to €8 million. Important donations have been made under this scheme which would not have otherwise been possible. The increased level of tax relief available will further contribute to strengthening our national collections. It is important to clarify that the increase in the figure of €6 million to €8 million relates to the aggregate value, or everything that is donated under the scheme. It is obviously not at an individual level. It is total.