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Section 35 of Finance (No.2) Act 2008 comes into effect
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- 16/10/2009
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Section 35 of Finance (No.2) Act 2008 comes into effect
This Statutory Instrument (“S.I. No. 392 of 2009”) has now been signed by the Minister for Finance and brings Section 35 of Finance (No.2) Act 2008 into effect. This section made a number of amendments to Section 766A TCA 1997 (tax credit on expenditure on buildings or structures used for R&D).
This Statutory Instrument (“S.I. No. 392 of 2009”) has now been signed by the Minister for Finance and brings Section 35 of Finance (No.2) Act 2008 into effect. This section made a number of amendments to Section 766A TCA 1997 (tax credit on expenditure on buildings or structures used for R&D).
The amendments included changes to the portion of the building which must be used for R&D activities in order to qualify for relief, the utilisation of excess R&D credits in a prior period and the right to claim cash payments in instalments.
A further amendment which was brought into place, independent of the S.I., is that claims under s766A must be made within 12 months of the end of the relevant accounting period.”
