S.L. 123.115 Art. 2Deduction. Cap. 123.

(1) Where a deduction is claimed by an individual in terms of article 14F of the Income Tax Act, the said deduction shall, subject to the provisions of these rules, be allowed against his income for the year in which he has successfully completed his studies: Provided that the deduction to be allowed shall be the amount of fees actually paid or ten thousand euro (€10,000), whichever is the lesser: Provided further that, to the extent that the deduction cannot be wholly set off against the income of the individual or of his spouse, where applicable, for the aforesaid year, it shall be carried forward and set off against the income for subsequent years in succession.

(2) The deduction shall only be allowed where the individual has not received or will not receive any form of compensation regarding the fees paid for the said studies from the Government or from any other Government or private entity.

(3) No deduction with respect to tertiary studies may be claimed under these rules if the individual claims or has claimed any deduction or tax credit for any year in respect of the said tertiary studies.