Capital Allowances

  • Available to Private or Corporate investor
  • Tax write down over 8 years at 12.5% per year
  • Makes the premises more attractive to customers
  • Creates or adds to ambience and atmosphere
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Example

  • Cost of Painting : €30,000
  • VAT at 13.5% incl. : €3,568
  • Net of VAT cost : €26,432
  • Annual allowance for 8 years : €3,304
  • Annual tax benefit at 52% : €1,718
  • Total tax benefit at end of 8 year : €13,744
  • Net cost of painting : €12,688
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Capital Gains Tax (CGT)

  • Chattels Exemption

    • Tangible, movable property
    • Not chargeable to CGT if consideration does not exceed €2,540.
    • Marginal relief 
    • Maximum CGT 50% of the difference between consideration and €2,540.
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  • Disposal of Objects Loaned for Public Display

    • CGT Exemption on the disposal of a qualifying object.
    • Picture, print, book, manuscript, sculpture, piece of jewellery or work of art.
    • Loaned for 10 years to an Irish heritage trust or to a gallery or museum approved by Revenue.
    • Must be included in a display to which the public is afforded reasonable access. 
    • Market value of item must be at least €31,740 on date first loaned to gallery or museum.
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Payment of Tax by Means of Donation of Heritage Items

  • Donation to an approved body and the items for donation must be approved by a selection committee.
  • Applies to heritage items including paintings. 
  • The export of the item from the State would constitute a diminution of the accumulated cultural heritage of Ireland.
  • The item or collections of items must have a minimum value of €150,000 and if a collection at least one item must have a value of €50,000.
  • The ceiling of the aggregate of items approved for donation in any one year is €6 million. 
  • Non refundable payment on account of tax set at 80% of the market value of the item donated.
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