Section 766 of the Principal Act is amended -

(a) in subsection (1)(a), in the definition of "qualifying group expenditure on research and development", by substituting the following for "'qualifying group expenditure on research and development', in relation to a relevant period, shall be determined by the following formula -":

"'qualifying group expenditure on research and development', in relation to -

(a) relevant periods commencing on or after 1 January 2015, shall have the same meaning as that assigned to 'group expenditure on research and development', and

(b) a relevant period commencing on or before 31 December 2014, shall be determined by the following formula -",

and

(b) in subsection (7C) -

(i) in paragraph (a), by inserting "commencing on or after 1 January 2010" after "a relevant period" where it first occurs, and

(ii) in paragraph (a)(ii), by inserting "in the State" after "are carried on".