Taxes Consolidation Act 1997 section 769L

Documentation

Section 769L sets out the documentation and record-keeping requirements that a company must satisfy in order to claim relief under the knowledge development box (KDB).

• A company claiming KDB relief must have records showing that overall income, qualifying expenditure and overall expenditure have been tracked and linked to each qualifying asset; additional documentation is required where the claim relates to a family of assets or to derivative works or adaptations.
• The tracking requirements do not apply to expenditure incurred before 1 January 2016; records must be prepared on a timely basis and retained for six years from the end of the accounting period in which the return for the last period in which the asset was a qualifying asset is filed.
• A Revenue officer may by notice in writing require a company to furnish information or particulars necessary for the purposes of the KDB, and Revenue may make regulations for the efficient operation of the relief.
• Failure to have the required documentation available will result in the company losing its status as a relevant company and being ineligible for KDB relief for the accounting period to which the failure relates.