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Amendment of section 766 of Principal Act (tax credit for research and development expenditure)
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26. Section 766 of the Principal Act is amended—
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(a) in subsection (1)(a), in the definition of “qualifying group expenditure on research and development”, by substituting the following for “ ‘qualifying group expenditure on research and development’, in relation to a relevant period, shall be determined by the following formula—”:
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“‘qualifying group expenditure on research and development’, in relation to—
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(a) relevant periods commencing on or after 1 January 2015, shall have the same meaning as that assigned to ‘group expenditure on research and development’, and
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(b) a relevant period commencing on or before 31 December 2014, shall be determined by the following formula—”,
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and
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(b) in subsection (7C)—
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(i) in paragraph (a), by inserting “commencing on or after 1 January 2010” after “a relevant period” where it first occurs, and
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(ii) in paragraph (a)(ii), by inserting “in the State” after “are carried on”.
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