Part 3Trading income
F1CHAPTER 6ATrade profits: R&D expenditure credits
SMEs: capped R&D expenditure
104ICapped R&D expenditure
For the purposes of this Chapter a company's “capped R&D expenditure” means any expenditure—
(a)
in respect of which the company is not entitled to relief under Chapter 2 of Part 13 merely because of section 1113 (cap on R&D aid),
(b)
which is not qualifying expenditure on sub-contracted R&D, and
(c)
which would have been qualifying R&D expenditure had the company been a large company throughout the accounting period in question.