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Amendment of section 472D of Principal Act (relief for key employees engaged in research and development activities)
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28. (1) Section 472D of the Principal Act is amended—
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(a) in subsection (1)—
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(i) in the definition of “key employee”, by the substitution of “under section 766(2) or 766C(1),” for “under section 766(2),”, and
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(ii) in the definition of “relevant employer”, by the substitution of “under section 766(2) or 766C(1)” for “under section 766(2)”,
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(b) in subsection (2)(a), by the substitution of “under section 766(2A) or section 766C(2)” for “under section 766(2A)”,
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(c) in subsection (3)(a), by the substitution of “under section 766(2A) or section 766C(2)” for “under section 766(2A)”,
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(d) in subsection (4), by the substitution of “under section 766(2A) or section 766C(2)” for “under section 766(2A)”, in each place where it occurs, and
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(e) in subsection (5), by the substitution of “under section 766(2A) or section 766C(2)” for “under section 766(2A)”.
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(2) Subsection (1) shall apply in respect of accounting periods of the relevant employer (within the meaning of section 766C of the Principal Act) commencing on or after 1 January 2022.
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