Part 13Additional relief for expenditure on research and development
Chapter 2Relief for SMEs: cost of R&D incurred by SME
Amount of tax credit
1058Amount of tax credit
1
The amount of the R&D tax credit to which a company is entitled for an accounting period is—
a
F112.5% of the amount of the Chapter 2 surrenderable loss for the period, or
b
if less, the total amount of the company's PAYE and NIC liabilities for payment periods ending in the accounting period.
2
The Treasury may by order replace the percentage for the time being specified in subsection (1)(a) with a different percentage.
3
An order under subsection (2) may contain incidental, supplemental, consequential and transitional provision and savings.