Finance Minister Michael McGrath today announced as part of Budget 2024 that the R&D Tax Credit rate in Ireland is to increase from 25% to 30%.
In other positive news for R&D performing companies, Minister McGrath confirmed that the first instalment payment threshold is to increase from €25,000 to €50,000. This means that the amount a company receives as a first instalment will be the greater of a) €50,000 (or if lower, the amount of the credit claimed) or b) 50% of the amount of the credit claimed.
These new rules are expected to apply to claims made for accounting periods commencing on or after 1st January 2024. Further details will be provided in the Finance Bill.
If you have any questions regarding these new measures please do not hesitate to get in touch at 0877582744 or eoinbrennan@scimetrnd.com