There are a number of tax benefits associated with annual donations of €250, or more, to registered charities such as The St. James's Hospital Foundation. The recipient of the benefit depends on the type of taxpayer making the donation:
1. PAYE Taxpayers:
In the case of PAYE taxpayers, donations of €250 + received by any registered charity, in one tax year are treated as having been received 'net' of tax. For example: An individual on the standard rate of tax (i.e. 20%) makes a donation of €500. The value of the donation to The GUIDE Clinic at The St. James's Hospital Foundation = €625 i.e. €500 x 100/80. The tax associated with the donation = €125 and the foundation will be able to claim repayment of the €125 from the Revenue Commissioners.
2. Self-Assessed Individual:
Self-assessed taxpayers can reclaim the income tax they pay on donations of €250+ in any one tax year. For example: A self-assessed individual on the standard rate of tax (i.e. 20%) makes a donation to The GUIDE Clinic at The St. James's Hospital Foundation of €500. The cost to the taxpayer is €400. The taxpayer claims a deduction for the donation on his/her tax return. No repayment claim arises.
3. Corporate Donations:
A company claims a deduction for donations to The GUIDE Clinic of €250 + in any one tax year as if it were a trading expense. The St. James's Hospital Foundation's registered charity number is CHY 7269. This information can be found in the Revenue Commissioner's paper 'Scheme of Tax Relief for Donations to Eligible Charities and other Approved Bodies, Under Section 848A, Taxes Consolidation Act 1997'. You can view this document at www.revenue.ie/en/tax/it/leaflets/chy2.pdf