S.L. 123.175 Art. 6Tax credit for a qualifying employee.

(1) A qualifying employee who also makes qualifying contributions into the qualifying scheme referred to in rule

5(1) shall, subject to the provisions of these rules, be eligible for a tax credit amounting to 25% of the aggregate amount of the qualifying contributions made during any year, up to a maximum of seven hundred and fifty euro (€750) or such other amount as may be prescribed by the Minister from time to time.

(2) The tax credit referred to in sub-rule (1) shall be available as a deduction from the amount of tax chargeable on the income derived by the qualifying employee in the year during which the qualifying contribution to the qualifying scheme or schemes is made and shall not exceed the said amount:

Provided that in the case of a qualifying employee who is married and is chargeable to tax jointly with his or her spouse in terms of article 49 of the Act, the said deduction may be availed of against the amount of tax chargeable on the total income of the married couple and may not exceed the said amount.