S.L. 123.98 Art. 4Deduction.

(1) Where a qualifying person incurs expenditure in accordance with the provisions of rule 3, a deduction equivalent to two hundred per cent (200%) of the cost, excluding VAT, shall be allowed against the said person’s income chargeable to tax for the year of assessment 2008: Provided that, in the case of a company, where the cost referred to in this rule is incurred during the year preceding the year of assessment 2009, the said deduction shall be allowed against the income chargeable to tax for the year of assessment 2009.

(2) Where a deduction is claimed under these rules, no deduction in respect of wear and tear may be claimed in respect of the same equipment and the deduction referred to in sub-rule (1) shall be reduced by any deductions for wear and tear claimed prior to the year of assessment 2008 on the said equipment: Provided that, in the case of companies to which the proviso to sub-rule (1) applies, the deduction allowed under these rules shall be reduced by any deductions for wear and tear claimed prior to the year of assessment 2009.

(3) The deduction claimed under these rules as aforesaid in respect of each qualifying person shall not exceed two thousand and three hundred and thirty euros (2,330).