Finance (No.2) Bill 2008 - Research and Development

Finance (No.2) Bill 2008 provides for a time limit in respect of claims made on or after 1 January 2009 under sections 766 and 766A Taxes Consolidation Act 1997. Such claims must be made within 12 months from the end of the accounting period in which the expenditure on research and development/relevant expenditure, giving rise to the claim, is incurred.

Revenue wishes to advise practitioners and other interested parties of the option available to them to lodge protective claims to repayment on or before 31 December 2008, in respect of research and development expenditure incurred in periods ending on or before 31 December 2007. The normal provisions in relation to a repayment will then apply to such claims.

Specific details in relation to the claim should be submitted shortly thereafter.

Any queries should be addressed to:

Isolde Hampson
Corporate Business & International Division
New Stamping Building
Dublin Castle,
Dublin 2
ihampson@revenue.ie