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- 20/11/2008
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Finance Bill 2008
The new Finance Bill 2008 has introduced a new time limit on companies making a claim for Research & Development (R&D) Tax Credit.
Under the current legislation, a company had the possibility to make a claim for the four previous accounting periods.
From the 1st of January 2009, such claims will now have to be made within 12 months from the end of the accounting period in which the expenditure on R&D giving rise to the tax credit was incurred.
Consequence: Companies have until the 31st of December 2008 only to make an R&D Tax Credit claim for the accounting periods ending in 2004 (for companies with accounting period ending on 31st of December), 2005, 2006 and 2007. After this date these years will be lost for the purpose of the R&D Tax Credit!
Example: Company A Ltd has an accounting period ending on the 31st of March. Under the current legislation, Company A Ltd could make an R&D tax credit claim for years ending 31/03/05, 31/03/06, 31/03/07 and 31/03/08.
From the 1st of January 2009, Company A Ltd will only be entitled to make a claim for the year ending 31/03/08, such claim to be filed before 31/03/09.
For more information, please visit: www.finance.gov.ie
