Finance Act, 1996
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Amendment of section 59 (deduction for certain expenditure on research and development) of Finance Act, 1995. |
57.—(1) Section 59 of the Finance Act, 1995 , is hereby amended in subsection (1)— | |
(a) in paragraph (a)— | ||
(i) in the definition of “qualifying group expenditure on research and development” by the substitution for the meaning assigned to “D” of “D is the amount of group base expenditure on research and development”, | ||
(ii) in the definition of “relevant period” by the addition of the following proviso: | ||
“Provided that a period shall not be a relevant period if it commences on or after the 1st day of June, 1999;”, | ||
and | ||
(b) in paragraph (b), by the deletion of “and” at the end of the proviso to subparagraph (ii), the insertion of “and” after “expended in the State,” in subparagraph (iii) and the substitution for subparagraph (iv) of the following: | ||
“(iv) expenditure on research and development shall not be regarded as having been incurred in a relevant period by a company which is a member of a group if— | ||
(I) in the relevant period the aggregate of amounts received by companies which are members of the group, being amounts paid, directly or indirectly, to the companies by the State or by a person, other than a company which is a member of the group, to enable the company to meet the cost of such expenditure, exceeds £50,000, or | ||
(II) it is expenditure— | ||
(A) approved by Forbairt under any scheme administered by it, and | ||
(B) which has been or is to be met, to any extent, directly or indirectly by the State or any person other than a company which is a member of the group.”. | ||
(2) This section shall apply and have effect as respects any relevant period commencing on or after the 1st day of June, 1996. |