Lebanon Trust enjoys the status of “Eligible Charity” granted by the Office of the Revenue Commissioners in Ireland. This means tax relief for donors.
In addition to its existing Charity status (CHY 19091) recognised by the Irish authorities, Lebanon Trust has been granted also the status of “Eligible Charity” for the purposes of Section 848A Taxes Consolidation Act 1997.
This means that in Ireland tax relief is available on donations of €250 or more in any one tax year, from both individual and corporate donors. Tax relief is applied to these donations at the donor’s marginal rate of tax.
How the tax relief is applied depends on which taxpaying category the donor falls into:
- In the case of PAYE taxpayers, the tax relief is applied at the marginal rate and is paid directly by the Revenue Commissioners to Lebanon Trust on receipt of the relevant appropriate certificate (an official form that is completed by the donor and Lebanon Trust).
- Individual taxpayers on self-assessment benefit directly from relief at the marginal rate by claiming the donation as a tax-deductible expense.
- Corporate donors simply claim a deduction for the donation as if it were a trading expense.
So in the first case the tax relief is paid directly to Lebanon Trust. In the cases 2 and 3 the donor receives the tax relief.
Please contact us for more information on this topic.