Make a Donation - Tax Benefits to Donors
IASE is an eligible charity under section 848A Taxes Consolidation Act 1997 therefore tax relief can be sought on any donation over €250. All you have to do is Download the CHY2 Form from www.revenue.ie or phone: 067-63400 Ext. 63308/63142/63305 Email: charityclaims@revenue.ie
What donations to IASE are eligible for Tax Relief?
A donation must satisfy the following conditions in order to be eligible for Tax Relief
- It must not be repayable
- It must not confer any benefit on the donor or any person connected with the donor
- It must not be conditional on, or associated with, any arrangements involving the acquisition of property by the eligible charity or the approved body
- It must be in the form of money or designated securities or a combination of money and designated securities
Example of Tax Relief for Individuals
PAYE – ONLY Individuals
IASE is eligible for tax relief on any donation over €250; this means that IASE can claim an additional €62.50 on a donation of €250 from an individual on the 20% tax band and an additional €174 from an additional on the 41% tax band.
Self Assessed Individuals
An individual on the standard rate i.e. 20%: Individual donates €500 and receives tax relief @ 20% (€100). Cost to the taxpayer is €400 and receipt by eligible charity or approved body is €500 – the self assessed individual will simply claim a deduction for the donation on his/her tax return, there is no grossing up arrangement and therefore no repayment claim by the eligible charity or approved body arises.
Individual on the higher rate ie 41%: Individual donates €500 and receives tax relief @ 41% (€205). Cost to the taxpayer is €295 and receipt by eligible charity or approved body is €500 – again there is no grossing up arrangements and therefore no repayment claim by the eligible charity or approved body arises.
Corporate donations
Company X donates €1,000 to an eligible charity or approved body. Assuming a corporation tax rate of 12.5%, relief to the company is €125, i.e. €1,000 @ 12.5%. While the eligible charity or approved body has the benefit of €1,000, the cost to the company of making the donation is only €875 (€1,000 - €125). The company will simply claim a deduction for the donation as if it were a
Trading expense, there is no grossing up arrangement and therefore no repayment claim by the eligible charity or approved body arises.
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Your contribution is greatly appreciated.