Revenue has updated the Tax and Duty Manual on the Digital Games Corporation Tax Credit outlining how the credit is claimed and used where expenditure is incurred in accounting periods commencing on or after 1 January 2024.
The main changes are as follows:
- Claims for an interim digital games corporation tax credit must be made in Form CT1 for the accounting period in which the expenditure was incurred. This claim must be made within 12 months from the end of that period,
- Claims for the digital games corporation tax credit must be made in Form CT1 for the accounting period in which the last of the expenditure was incurred. This claim must also be made within 12 months from the end of that period,
- Where the final cultural certificate is issued and the date is less than 3 months prior to the expiry of the 12 month period, the company has an extended period to make a claim. In these cases, a claim must be made three months from the date on which the final cultural certificate was issued, and
- The company must elect how the credit is to be treated; either as an overpayment of tax, an offset against tax liabilities, or as a repayment to the company by Revenue.
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