Revenue eBrief No. 190/24
12 July 2024
Research and Development (R&D) Corporation Tax Credit
Tax and Duty Manual Part 29-02-03 – Research and Development (R&D) Corporation Tax Credit – has been updated to incorporate the changes to the R&D credit introduced by Finance (No.2) Act 2023.
Finance (No.2) Act 2023 changes are reflected throughout the manual, with new examples included where appropriate.
Key changes introduced to Part 29 by Finance (No. 2) Act 2023 include:
- increase in the rate of the R&D credit to 30%
- increase in the first instalment threshold from €25,000 to €30,000
- the introduction of a pre-filing notification requirement
These changes apply in respect of accounting periods commencing on or after 1 January 2024.
The manual is also updated to revise references to the use of the R&D Specified Return 2022, as it is no longer required to submit a specified return for claims going forward.