The Budget for 2014 was presented to Parliament by the Minister for Finance on 15 October 2013. Details of the main proposals of the Budget are summarized below.
Corporation tax
(a) Research & Development (R&D) Tax Credit
Under the R&D Tax Credit regime, a 25% corporation tax credit applies in respect of qualifying R&D expenditure in excess of an amount of baseline expenditure (determined by reference to relevant R&D expenditure of 2003) plus an additiona…