At the September meeting of the TALC Direct and Capital Taxes Sub-committee, practitioners noted issues arising when filing returns for Reliefs for Investment in Corporate Trades (RICT). RICT returns are due for filing by 30 April each year and an error arose in respect of the 30 percent spend fields in the Return.
In a recent email from Revenue, they have advised the following:
“Further to our recent guidance in relation to the issues experienced by users which prevented the upload of the RICT return ahead of the filing deadline of 30 April 2023 due to errors arising whereby the provision of a date by which 30 percent of the investment was spent on a qualifying purpose was required in order to complete the return for investments made on or after 1 January 2022, we wish to provide the following update:
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The ‘lock’ that is currently placed on the return which does not allow for filing of the return for 2022 investments after 30 April 2023 is to be lifted within the next week following which it will be possible to file returns in relation to 2022 investments. We will send a further update when that has happened.
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The resolution of the 30 percent spend issue outlined above will however take longer to complete.
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Once the lock has been lifted, and pending the resolution of the 30 percent spend issue, companies and practitioners may insert the date of share issue as the date of having met the 30 percent spend requirement to allow for completion and uploading of the RICT return and the generation of Statements of Qualification.”
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