Part 13F1... expenditure on research and development
Chapter 2F2Relief for loss-making, R&D-intensive SMEs
Pt. 13 Ch. 2 heading substituted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance Act 2024 (c. 3), Sch. 1 paras. 6(2), 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2
Supplementary
1060F3Use of credit to pay corporation tax
1
This section applies if an R&D tax credit for an accounting period is payable to a company under this Chapter.
2
The amount payable in respect of—
a
the R&D tax credit, or
b
interest on the credit payable under section 826 of ICTA,
may be applied in discharging any liability of the company to pay corporation tax.
3
So far as the amount is so applied, the duty of the officer of Revenue and Customs to pay the credit under section 1054(4) is discharged.
F44
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F45
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F46
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F47
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Words in Pt. 13 heading omitted (with effect in relation to accounting periods beginning on or after 1.4.2024) by virtue of Finance Act 2024 (c. 3), Sch. 1 paras. 3, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2