Revenue has updated the Tax and Duty Manual on the Research and Development (R&D) Corporation Tax Credit. Changes introduced by Finance Act 2022 are reflected throughout the manual, with examples provided where appropriate. The manual also includes a new section on costs associated with cloud computing and obsolete material has been removed.
The R&D corporation tax credit was amended in Finance Act 2022. Two new sections - sections 766C and 766D TCA 1997 – were introduced providing for accelerated payment of the second and final instalments for claims under sections 766(4D) and/or 766A(4C) TCA 1997 where the accounting period commenced pre-1 January 2022.
The updated manual also provides guidance on making a claim using the new R&D Specified Return for 2022. As previously reported, a company is required to file an R&D Specified Return, which forms part of the Form CT1 2022, via MyEnquiries where the company is making a claim for an accelerated payment of the second and final instalment, as set out above.
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