The amount of the R&D expenditure credit to which a company is entitled for an accounting period is the relevant percentage of the amount of the company's qualifying R&D expenditure for the period.

In the case of a ring fence trade, the relevant percentage is 49%.

In this subsection “ring fence trade” has the meaning given by section 277 of CTA 2010.

In any other case, the relevant percentage is F211%.

The Treasury may by order replace the percentage for the time being specified in subsection (2) or (3) with a different percentage.

An order under subsection (4) may contain incidental, supplemental, consequential and transitional provision and savings.