S.L. 123.90 Art. 5Claim for a tax credit.

(1) Subject to the provisions of regulation 6, the person identified on a tax credit certificate may claim a tax credit equivalent to thirty percent (30%) of the total nominal value shown on the said certificate following the surrendering of the said certificate to the Commissioner: Provided that such certificate may only be surrendered after the lapse of the third year from the date when the person holding the certificate had acquired the securities which gave him the right to apply for the certificate: Provided further that the person surrendering the certificate has continuously held the securities referred to in the previous proviso during the said three years:

Provided also that the maximum amount of tax credit claimed by any person for all the relevant years of assessment taken together may not be greater than €350,000.

(2) Subject to the provisions of subregulation (3), the tax credit shall be allowable as a deduction from the tax chargeable on the income of the person identified on the certificate for the year of assessment commencing on the 1st January of the year immediately following that in which the certificate is surrendered as aforesaid, and any amount that remains unabsorbed for that year of assessment shall be carried forward and treated as a tax credit, to be deducted from the tax chargeable on gains or profits derived by that person in subsequent years: provided that the maximum amount of tax credit that may be claimed which is referred to in the third proviso to subregulation (1) is not exceeded.

(3) A tax credit allowed in accordance with this regulation may only give rise to a valid claim for refund of tax where it results that, after taking into account the said tax credit, such tax had been paid in excess for any applicable year of assessment, whether such tax was paid by deduction or otherwise.

(4) When a tax credit certificate has been surrendered as aforesaid it may not be delivered back to the surrendering person or delivered or transferred to any other person.