- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (07/04/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
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There are currently no known outstanding effects for the Finance Act 2000, Cross Heading: Alternative treatment of pre-trading expenditure.
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14(1)This paragraph applies where a company—U.K.
(a)is entitled to R&D tax relief for an accounting period, and
(b)has incurred qualifying R&D expenditure in that accounting period which—
(i)is not allowable as a deduction in computing, for tax purposes, the profits of a trade that was carried on by it at the time the expenditure was incurred, but
(ii)would have been so allowable had the company, at that time, been carrying on a trade consisting of the activities in respect of which the expenditure was incurred.
(2)The company may elect to be treated as if it had incurred a trading loss in the accounting period equal to 150% of the amount of that qualifying R&D expenditure.
(3)Where an election is made under this paragraph in respect of the accounting period, section 401 of the Taxes Act 1988 (relief for pre-trading expenditure) does not apply to that qualifying R&D expenditure.
(4)An election under this paragraph must specify the accounting period in respect of which it is made.
(5)The election must be made by notice in writing to the Inland Revenue.
(6)The notice must be given before the end of the period of two years beginning with the end of the company’s accounting period to which the election relates.
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