Shannon Chamber urges Mid West firms to claim 35% R&D tax credit

Companies across the Mid West were urged to claim the 35 per cent Research and Development (R&D) tax credit at a recent Shannon Chamber seminar.

The event, held at the Westpark Innovation Campus in Shannon, featured Grant Thornton’s head of tax and grant incentive services, Mark O’Sullivan. He explained that the credit, in place since 2004, now allows firms with accounting periods on or after 1 January to reclaim a substantial portion of qualifying R&D expenditure as a cash credit.

O’Sullivan described the increase from 30 per cent to 35 per cent as “a game changer”, noting it enables companies, especially those scaling or loss‑making, to recover a significant share of innovation costs, often as a cash refund.

Attendees received guidance on what qualifies as R&D for tax purposes, how to structure claims, required documentation, risk management, and how to combine the credit with other State agency supports compliantly.

Case studies from Gentian Health, Jaguar Land Rover and Lufthansa Technik Turbine Shannon illustrated how firms are leveraging the credit and grant supports to fund innovation, create high‑value jobs and compete internationally.

Source: Limerick Post. Photo: Pavel Danilyuk / Pexels.