Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

What is important here is that we have to focus on the long-term future and viability of Russborough House and not only around the sale of the paintings. Following a request from the trustees, I wrote to the Minister, Deputy Noonan, regarding the section 1003 tax relief and whether a rate of 100% could be reinstated. The Minister, Deputy Noonan, responded to me to say that it is not his intention to amend the tax relief, noting the fact that 80% of the market value in tax relief is already very generous and that the rate was introduced to ensure there was some philanthropic aspect to donations. Providing tax relief at a rate of 100% on the value of an item would have the exact same impact on the Exchequer finances as if the State were to purchase the item outright. I raised the issue with the Minister and that is the response I got, namely, that the 80% relief is a very attractive tax incentive.

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