207A Charities Regulatory Authority and Common Investment Fund

Summary

This section provides the Charities Regulatory Authority with exemption from tax in respect of the income of the Common Investment Fund, which was vested in the Authority when it was established on 16 October 2014, on the same basis as if the Authority had been granted charitable tax exemption under section 207.

On the establishment of the Authority, the Commissioners of Charitable Donations and Bequests for Ireland were dissolved and, under the provisions of the Charities Act 2009, their functions were taken over by the Authority. As part of this process, the Authority assumed responsibility for the Commissioner’s Common Investment Fund.

The Commissioners had been granted tax exemption under section 207, which meant that the Fund income was not subject to tax in their hands. The Authority, however, is not in a position to apply for charitable tax exemption in its own right because, for example, it is not established for charitable purposes, as required by section 207.

Details

(1) “Fund” means the Common Investment Fund which, prior to the dissolution of the Commissioners of Charitable Donations and Bequests for Ireland (on the establishment of the Charities Regulatory Authority on 16 October 2014), was known as the “Commissioners Common Investment Fund”. This fund was established by the Commissioners in 1985 under section 46 of the Charities Act 1961 and vested in the Authority on its establishment.

“relevant income” means the income of the Fund as defined.

(2) The Charities Regulatory Authority is deemed to be a body which has claimed and been granted tax exemption under section 207 in respect of income arising in the Fund from 16 October 2014.

Relevant Date: Finance Act 2021