76 Provisions relating to charities, etc.

Summary

This section exempts gifts and inheritances taken for charitable purposes from tax. It also provides exemption for gifts and inheritances taken by the State and other public bodies and for any application of public funds.

Details

(1) Public or charitable organisations, trustees, etc., are placed in the position of stranger-in-blood to the disponer.

(2) Exemption is granted to a gift or an inheritance which is taken for public or charitable purposes to the extent that the Revenue Commissioners are satisfied that it has been, or will be, applied to purposes which are regarded as public or charitable according to the law of the State.

(3) Exemption is granted to a gift or an inheritance which a person takes on becoming entitled to any benefit on the application to public or charitable purposes of property (including moneys provided by the Oireachtas or a local authority). However, the exemption does not apply where public moneys are applied for a person’s benefit under a superannuation scheme which is administered by a public or charitable body.

Relevant Date: Finance Act 2015