DONATIONS (UNIVERSITY RESEARCH, INNOVATION AND DEVELOPMENT TRUST) RULES

DONATIONS (UNIVERSITY RESEARCH,

INNOVATION AND DEVELOPMENT TRUST)

SUBSIDIARY LEGISLATION 123.113

DONATIONS (UNIVERSITY RESEARCH,

INNOVATION AND DEVELOPMENT TRUST)

RULES

1st January, 2011

LEGAL NOTICE 187 of 2010, as amended by Legal Notice 426 of 2012.

This title of these regulations is the Donations (University

Research, Innovation and Development Trust) Rules.

These rules shall apply to persons as defined in the Income

Tax Act.

(1) Where, in any year of assessment, a donation of not

less than one hundred fifty euro (€150) up to a maximum of fifty

thousand euro (€50,000), is made in a monetary amount or in the

form of any other asset, to the University Research, Innovation and

Development Trust, such a donation may be claimed as a deduction

against income for the year of assessment in which it is made,

provided that

(a) a relevant signed certificate in respect of such a

donation has been issued to the donor by the trustees

of the University Research, Innovation and

Development Trust; and

(b) the donation is made for the purpose of research,

innovation and development which purpose shall also

be indicated in the said certificate; and

(c) the trustees of the University Research, Innovation and

Development Trust have submitted the information as

required by sub-rule (5).

(2)

The certificate referred to in sub-rule (1) shall indicate

(a) the date of the donation,

(b) the name, a legally valid identification document

number (or income tax registration number) and

address of the donor,

(c) the value of the donation,

(d) the purpose for which the donation is being made.

(3) Where capital allowances have been allowed in respect of

an asset donated in accordance with sub-rule (1), the value of the

donation shall be considered to be the written down value of the

asset as on the date of donation.

(4) Where an asset donated in accordance with sub-rule (1) is

purchased by the donor for forwarding to the said donee or is

issued out of the donor ’s own stock, wheth er purchased or

manufactured by the said donor, the value of the donation shall be

equivalent to its cost to the donor.

DONATIONS (UNIVERSITY RESEARCH,

INNOVATION AND DEVELOPMENT TRUST)

(5) The trustees of the University Research, Innovation and

Development Trust shall submit to the Commissioner a statement

in such manner and format as the Commissioner may require

showing the details mentioned in sub-rule (2), in respect of all

donations, by the end of January of the year following that in which

the donations were made.