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

I move amendment No. 75:

In page 66, after line 36, to insert the following:“69.The Minister shall, within six months of the passing of this Act, prepare and lay before the Oireachtas a report on the options to incentivise donations to charity in legacies and also options to incentivise donations to charity through the donation of shares.”.

This amendment provides that the Minister prepare a report within six months on the options to incentivise donations charity in legacies and also options to incentivise donations to charity through the donation of shares. This is an important issue. Research into legacy giving in Ireland in 2016 indicates that legacy income accounted for 11% of fundraised income over the period from 2012 until 2014. In January 2017, the Institute of Fundraising reported that legacies in England and Wales account for one quarter of the total amount given to charities each year and exceed £2.24 billion per annum. I ask the Minister to consider introducing changes to the capital acquisitions tax code to incentivise the giving of donations to charities as part of legacies. This is the key request.

The second element relates to donations to charities through the donation of shares, a practice that is extremely limited at present. The overall thrust of the amendment is to support, through the tax system, the gifting or donation of assets, shares and so forth, through the inheritance tax system, to charities that are fully registered and regulated.

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