S.L. 123.87 Art. 3Deduction and tax credit for qualifying wages and tuition expenditure. S.L. 123.82

(1) When a company incurs allowable wages and tuition expenditure it shall be entitled, for the purpose of ascertaining its total income, to a deduction and, where applicable, to a tax credit, in respect of that expenditure in accordance with and subject to the provisions of this Part.

(2) No deduction or tax credit shall be allowable under the Act or under any other law in respect of qualifying wages and tuition expenditure incurred on or after the 1st January, 2005 except as and to the extent provided for in this Part.

(3) Sub-rule (2) is without prejudice to the deduction allowable in respect of wages and tuition expenditure incurred in connection with academic qualifications to which the Deductions and Tax Credits (Research and Development) Rules apply.