[F11039Overview of PartU.K.
(1)This Part provides relief for companies that invest in research and development.
(2)Chapter 1A makes relief available in the form of a credit in respect of expenditure on research and development, which becomes payable in certain circumstances.
(3)Chapter 2 makes alternative relief available, in the form of—
(a)an additional deduction in calculating trading profits, and
(b)a payable credit,
to small or medium-sized enterprises that invest heavily in research and development and do not make associated trading profits.
(4)Chapter 8 limits the reliefs provided by Chapters 1A and 2.
(5)Chapter 9 contains definitions and other supplementary provision.]
Textual Amendments
F1S. 1039 substituted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance Act 2024 (c. 3), Sch. 1 paras. 4(2), 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2