Specified Return now available for making R&D Tax Credit claims under new rules

Eoin Brennan

Eoin Brennan

Managing Director, SciMet R&D

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The Specified Return required to make your 2022 R&D Tax Credit claim under the new rules introduced by Finance Act 2022 is now available on the Revenue Commissioners  website ( www.revenue.ie ). A copy can also be downloaded below.

When making your claim, the Specified Return should be submitted to the Revenue Commissioners via MyEnquiries. 

There are four tabs on the Specified Return, as follows:

Tab 1: This contains an overview of amounts being claimed, with figures input in the other tabs automatically populating the relevant sections. In addition, there are some company details (name, tax ref. nbr and accounting period) to be input and a mandatory declaration to be completed be selecting “Yes” in the relevant section.¬†

Tab 2: This needs to be completed where you are seeking acceleration of the second and third instalments of prior year claims under the transitional measures introduced by FA22 (and now included in S766(4D) and S766A(4C) TCA 1997)

Tab 3: You should complete the relevant sections on this tab if you are making your 2022 R&D Tax Credit claim under the new rules introduced by FA22 and now included in S766C TCA 1997.

The 2022 claim period is unique in that you have a choice as to whether to claim under these new rules or pre-FA22 rules. You should review your position carefully before making this decision. For example, for companies with sufficient corporation tax liabilities against which to offset their 2022 R&D Tax Credit claim, it will likely be favourable to claim under the old rules.

Tab 4: This tab relates to expenditure on R&D buildings and structures and should be completed if you are claiming under the new rules introduced by FA22 in relation to such expenditure and now included in S766D TCA 1997.

If you have any questions regarding the completion of the Specified Return for your 2022 claims please get in touch.