Finance Act 2006 s122 introduced a new section 1003A to Taxes Consolidation Act 1997 which permits the payment of tax in some instances by way of a donation of heritage property. The section has now been given effect in law.

“Heritage property” can include buildings, gardens and contents of buildings. A donation to a specified Trust takes the form of a payment on account of an amount equal to the value of the property against the person's tax liabilities. Such donations can be used to satisfy income tax, corporation tax, capital gains tax, gift tax and inheritance tax liabilities which are current or relate to outstanding liabilities.

Any heritage properties being donated have to be approved by the Minister for the Environment, Heritage and Local Government, and there is a ceiling of €6m on the aggregate value of the heritage properties that can be approved in any one year.

The section takes effect from 5 October 2006 per SI 520 of 2006. A further Statutory Instrument, SI 521 of 2006 specifies the Trust as being the company incorporated under the Companies Acts on 30 June 2006 as The Irish Heritage Trust Limited. The SI's are reproduced at 2.01 below.