S.L. 123.113 Art. 3Deduction for donations.

(1) Where, in any year of assessment, a donation of not less than one hundred fifty euro (€150) up to a maximum of fifty thousand euro (€50,000), is made in a monetary amount or in the form of any other asset, to the University Research, Innovation and Development Trust, 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 University Research, Innovation and Development Trust; and

(b) the donation is made for the purpose of research, innovation and development which purpose shall also be indicated in the said certificate; and

(c) the trustees of the University Research, Innovation and Development 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, a legally valid identification document number (or income tax registration number) and 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 is 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 University Research, Innovation and Development Trust shall submit to the Commissioner a statement in such manner and format as the Commissioner may require showing the details mentioned in sub-rule (2), in respect of all donations, by the end of January of the year following that in which the donations were made.