Finance Act 2021 (c. 26)

PART 1 U.K. Income tax, corporation tax and capital gains tax

Reliefs for business U.K.

18 Temporary extension of periods to which trade losses may be carried back U.K.

Schedule 2 contains provision for a temporary extension of the periods to which trade losses may be carried back.

19 R&D tax credits for SMEs U.K.

(1) Schedule 3 makes provision about the amount of the tax credit to which a company may be entitled under Chapter 2 of Part 13 of CTA 2009 (relief for cost of research and development incurred by small and medium-sized enterprises).

(2) Schedule 4 makes corresponding provision for Northern Ireland companies within the meaning of Part 8B of CTA 2010 (trading profits taxable at the Northern Ireland rate).

20 Extension of social investment tax relief for further two years U.K.

In—

(a) section 257K(1)(a)(iii) of ITA 2007 (date by which investment must be made to qualify for social investment tax relief), and

(b) paragraphs 1(3)(b) and 2(2)(b) of Schedule 8B to TCGA 1992 (date by which gains re-invested in social enterprises must accrue to qualify for hold-over relief),

for “6 April 2021” substitute “ 6 April 2023 ”.