S.L. 123.208 Art. 4Tax credit.  Cap. 372.

(1) Any qualifying investor to whom rule 3 applies shall benefit from a tax credit equivalent to a sum amounting to thirty-five per cent (35%) of the aggregate value of the investments made by such investor in one or more qualifying companies, so however that the total tax credit applicable to any such investor shall not exceed two hundred and fifty thousand euro (€250,000) per annum. Such tax credit shall be set off against the tax due by the qualifying investor in respect of any income or gains brought to charge to tax in the year of assessment immediately following the basis year during which the investment is made.

(2) Any part of the tax credit that is not absorbed in the year of assessment referred to in sub-rule (1) may be carried forward by the qualifying investor and set off against tax due for any subsequent year of assessment until it is fully absorbed.

(3) Without prejudice to the provisions of article 48 of the Income Tax Management Act, any tax credit available in terms of these Rules shall not give rise to a right for any tax refund.