Revenue has updated the Tax and Duty Manual which provides guidance on the relief for key employees engaged in Research and Development activities to reflect the provisions of section 766C TCA 1997.
From 1 January 2023, a key employee may avail of a reduction in their income tax liability as a result of the surrender by their employer company of some or all of the research and development corporation tax credit to which that company was entitled under section 766C.
The manual has been updated to reflect how section 766C interacts with this relief while examples have been refreshed for the 2023 and 2024 years of assessment.