S.L. 325.6 Art. 34Training credits.

(1) A company which has been determined by the Corporation as having satisfied the conditions set out in regulation

31(1) and in this regulation shall be entitled to a training credit which shall be equal to a percentage of the eligible costs incurred by such company on or after 1st January 1995 up to 31st December 2006 and for this purpose the eligible costs incurred up to 31st December 2001 shall be multiplied by 1.07n (1.07 to the power of "n") where "n" is a number arrived at by deducting from 2002 the year in which the expenditure was incurred: Provided that the qualifying expenditure shall be that which is incurred under a programme approved by the company by the 31st December 2002 and notified to the Corporation by such date as it shall determine.

(2) The percentage referred to in sub-regulation (1) shall be one of the percentages set out in regulation 14(1)(b) depending on whether the training qualifies as general training.

(3) The eligible costs referred to in sub-regulation (1) shall be the costs set out in regulation 14(2).

(4) For the purpose of calculating the training credit provided by this regulation, the term "general training" shall have the meaning assigned to it by regulation 14(3).