Research & Development Tax Credit

For the purposes of determining the amounts of expenditure on plant and machinery to be included in any computation of tax credit due under Section 766 TCA, 1997, Revenue are prepared to accept that expenditure on plant and machinery may be treated as incurred on either (1) the date the plant and machinery is first brought into use for the purposes of a trade or (2) the date the expenditure becomes payable. This latter option is subject to a condition that the credit will be clawed back if the plant or machinery is not brought into use for the purpose of a trade within two years of the expenditure becoming payable.