DONATIONS (CREATIVITY TRUST) RULES

DONATIONS (CREATIVITY TRUST)

SUBSIDIARY LEGISLATION 123.137

DONATIONS (CREATIVITY TRUST) RULES

15th January, 2013

LEGAL NOTICE 23 of 2013.

The title of these rules is the Donations (Creativity 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 one hundred

thousand euro (€100,000), is made in a monetary amount or in the

form of any other asset, or in kind, to the Creativity Trust, established

by the Creativity Trust Order, 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 Creativity Trust; and

(b) the donation is made for the purpose of the advancement

of culture, arts, national heritage and the creative

industries, or of education therein, or of persons

practitioners in such fields, which purpose shall also be

indicated in the said certificate; and

(c) the trustees of the Creativity 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, identity card number (or income tax

registration number) or company registration number

and address or registered 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 issued

out of the donor’s own stock, whether purchased or manufactured by

the said donor, the value of the donation shall be equivalent to its

cost to the donor.

(5) The trustees of the Creativity Trust shall submit to the

Co mmis sio ner a statemen t in su ch man n er an d fo rmat as th e

Commissioner may require showing the details mentioned in sub-rule

DONATIONS (CREATIVITY TRUST)

(2), in respect of all donations, by the end of January of the year

following that in which the donations were made.