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Election for payment of RICs to be paid in specified manner

Income Tax (Refundable Investment Credits) Regulations 2025

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—(1) An awardee company may, at the time of making an application under section 93B(15) of the Act for an amount of RICs to be given to it, make a written election for that amount of RICs to be paid to the awardee company in the following manner:(a)20% of the amount of RICs on or before a date specified by the approving authority that falls within the period of 2 years starting from the date of the application;(b)30% of the amount of RICs on or before a date specified by the approving authority that falls within the period of 3 years starting from the date of the application;(c)50% of the amount of RICs on or before a date specified by the approving authority that falls within the period of 4 years starting from the date of the application.(2) An election under this regulation is irrevocable and applies to all RICs applied for under the application.(3) If, due to the debiting of an amount of RICs under section 93B(40)(a) of the Act, the amount of RICs for which an election was made under this regulation is reduced (but not to zero), then the reduction is to be made on the basis that an amount of RICs to be paid to the awardee company on a later date is reduced before an amount of RICs to be paid to the awardee company on an earlier date.

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