The Principal Act is amended in Part 29 by inserting the following after section 766A:

"766B. Limitation of tax credits to be paid under section 766 or 766A.

(1) In this section 'payroll liabilities' means -

(a) the amount of income tax which the company is required, by or under Chapter 4 of Part 42, to remit to the Collector-General for that period in respect of emoluments, as defined in section 983, paid to, or on account of, all employees and directors,

(b) the amount of Pay Related Social Insurance Contributions in respect of the reckonable earnings and reckonable emoluments of all directors and employees which the company is required to remit to the Collector-General for that period by or under the Social Welfare Acts, and

(c) any other levies the company is required to remit to the Collector-General, for that period, in respect of directors and employees.

(2) For the purpose of subsection (1), Pay Related Social Insurance includes Pay Related Social Insurance Contributions payable under the Social Welfare Acts, Health Contributions payable under the Health Contributions Act 1979, and levies payable under the National Training Fund Act 2000.

(3) Where in respect of expenditure in an accounting period a company makes a claim under section 766(4B) or 766A(4B), then the aggregate amount payable by the Revenue Commissioners to that company under those sections shall not exceed the greater of -