Taxes Consolidation Act, 1997 (Number 39 of 1997)
208 Lands owned and occupied, and trades carried on by, charities.
[ITA67 s334(1)(a) and (c), (2A) and (3); FA69 s33(1) and Sch4 PtI and s65(1) and Sch5 PtI; FA81 s11]
(1) In this section, “charity” means any body of persons or trust established for charitable purposes only.
(2) Exemption shall be granted—
(a) from income tax chargeable under Case I (b) of Schedule D by virtue of section 18(2) where the profits or gains so chargeable arise out of lands, tenements or hereditaments which are owned and occupied by a charity [2]>and are applied solely to charitable purposes before the cut-off point specified in subsection (4)(a)(i)<[2];
(b) from income tax chargeable under Schedule D in respect of the profits of a trade [1]>or profession<[1] carried on by any charity, if the profits [3]>are applied solely to the purposes of the charity<[3][3]>are applied solely to the purposes of the charity before the cut-off point specified in subsection (4)(a)(ii)<[3] and either—
(i) the trade [1]>or profession<[1] is exercised in the course of the actual carrying out of a primary purpose of the charity, or
(ii) the work in connection with the trade [1]>or profession<[1] is mainly carried on by beneficiaries of the charity.
(3) Subsection (2)(b) shall apply in respect of the profits of a trade of farming carried on by a charity as if the words after “solely to the purposes of the charity” were deleted.
[4]>
(4) (a) Subject to paragraph (b), the cut-off point referred to in each of paragraphs (a) and (b) of subsection (1) shall be the end of the fifth year of assessment after the year of assessment in which there were accrued, as the case may be—
(i) the profits or gains referred to in subsection (1)(a), or
(ii) the profits referred to in subsection (1)(b).
(b) The Revenue Commissioners, or such officer of the Revenue Commissioners as they may authorise in that behalf, may allow an extension of the cut-off point specified in subparagraph (i) or (ii), as the case may be, of paragraph (a) subject to the Revenue Commissioners or that officer, as the case may be, being satisfied that the charity is in the process of applying, to charitable purposes—
(i) the profits or gains referred to in paragraph (a)(i), or
(ii) the profits referred to in paragraph (a)(ii).
<[4]