S.L. 123.87 Art. 18Tax credit for an individual in respect of study costs.

(1) Subject to the other provisions of this rule, when an individual is a student following a course of studies that leads to a specific qualification and successfully completes that course, he becomes entitled to the tax credit referred to in this rule.

(2) The tax credit referred to in this rule is an amount equivalent to the study costs as defined in rule 20 paid by the individual for the period commencing on the date of the commencement of the course or the 1st January, 2005, whichever is the later, and ending on the date of the conclusion of the course or thirty six months from the commencement of the course, whichever is the earlier.

(3) The tax credit shall be spread over three years and, accordingly, one third of the amount determined in accordance with sub-rule (2) shall be due as a deduction from the tax payable by the individual on his chargeable income for the year of assessment commencing on the 1st January of the year immediately following that in which the relevant qualification is obtained and for each of the subsequent two years of assessment, and any amount not absorbed by the tax payable for a year of assessment may be carried forward to be allowed as a tax credit for subsequent years.

(4) The tax credit referred to in this rule shall not be due unless the individual is in possession of receipts of the study costs to which the credit refers and submits to the Commissioner, together with the tax return for the first year of assessment for which the tax credit is claimed -

(a) an itemised statement of the study costs incurred and a declaration that he is not and has not been entitled from any source whatsoever to any reimbursement of or compensation for the costs claimed as a tax credit or any part of those costs; and

(b) a certified copy of the certificate or equivalent document issued by the university or educational establishment in question confirming the successful completion of the course by that individual; and

(c) a letter of approval issued by the Corporation confirming that the qualification obtained is a specific qualification.

*