S.L. 123.82 Art. 4Deduction or tax credit in respect of R&D project.

(1) When a company incurs allowable R&D expenditure in carrying out an approved R&D project, it shall be entitled to a deduction and, where applicable, to tax credit in accordance with and subject to the provisions of this Part.

(2) No deduction or tax credit shall be allowable under the Act or under any other law in respect of qualifying R&D expenditure incurred by a company on or after the 1st January, 2005 except as and to the extent provided for in this Part and in article 14(1)(f) and

(j) of the Act.

(3) The provisions of article 14(1)(h) of the Act shall not apply with respect to expenditure incurred by a company on or after the 1st January, 2005.