791. Deputy Aengus Ó Snodaigh asked the Tánaiste and Minister for Finance his plans to increase the cap on the Section 1003 heritage donation scheme; and if he will make a statement on the matter. [57372/26]

Section 1003 of the Taxes Consolidation Act 1997 (TCA 1997) provides for a credit of tax to taxpayers who donate heritage items to approved bodies. A credit equal to 80 per cent of the market value of the item donated may be set against taxpayers’ liabilities for income tax, corporation tax, capital gains tax or gift and inheritance tax.

The heritage item(s) must be an outstanding example of the type of item involved, pre-eminent in its class, whose export from the State would constitute a diminution of Ireland’s accumulated cultural heritage or whose import into the State would constitute a significant enhancement of the accumulated cultural heritage of Ireland and must be suitable for acquisition by the Approved Bodies.

The following is the list of Approved Bodies:

• The National Archives;

• The National Gallery of Ireland;

• The National Library of Ireland;

• The National Museum of Ireland;

• The Crawford Art Gallery Cork Ltd;

• The Irish Museum of Modern Art.

• In addition, the legislation allows the Minister for Culture, Communications and Sport, with the consent of the Minister for Finance, to approve additional bodies on an individual basis, in relation to the offer of a gift of a particular item or collection of items, provided that the body is "owned, or funded wholly or mainly, by the State or by any public or local authority."

The open market value of the item/collection of items must be at least €150,000 and in the case of a collection, at least one item in the collection must have a minimum value of €50,000. The market value is determined by Revenue.

Finance (No. 2) Act 2023 amended section 1003 TCA 1997 to increase the ceiling on the aggregate value of heritage items donated in any one year from €6,000,000 to €8,000,000.

As the Deputy will appreciate, decisions regarding taxation measures are made in the context of the annual Budget and Finance Bill processes, at the appropriate time, and having regard to the sound management of the public finances and the commitments set out in the Programme for Government. It is a longstanding practice of the Minister for Finance not to comment in advance of the Budget on any tax matters which might be the subject of Budget decisions.