Charitable tax exemption manual updated

Revenue has updated the Tax and Duty Manual Charitable Tax Exemption to reflect amendments arising from Finance Act 2024.

The main changes are as follows:

• A new paragraph has been included to provide for a charity to accumulate funds for charitable purposes and still retain its charitable exemption. To retain the exemption in these circumstances, the charity must expend the income by the end of the fifth year after the year in which the income was received, and

• The two-year waiting period for eligibility for the Charitable Donation Scheme (CDS) has been removed. In circumstances where a charity has merged or re-organised into another entity, it is no longer a requirement that the predecessor entity must have been approved for the CDS for two years.