Last week, we posted an update on the new R&D tax credit filing requirements, including the specified return. To the extent it was not clear how the new forms will apply, it was confirmed at the recent R&D Discussion Group that the new Specified Return will need to be completed and returned via MyEnquiries along with the Form CT1 2022 where:
- An acceleration of the second and third instalment is claimed in accordance with section 766(4D) or 766A(4C) TCA 1997
- A R&D tax credit is claimed in accordance with section 766C TCA 1997
- A R&D tax credit is claimed in accordance with 766D TCA 1997.
As mentioned last week, the Form CT1 2023 is expected by 10 July and will include sections reflecting the updates to the R&D tax credit.
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