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Corporation Tax Act 2009

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This is the original version (as it was originally enacted).

1075R&D threshold
This section has no associated Explanatory Notes

(1)For the purposes of this Chapter a company meets the R&D threshold in an accounting period if its qualifying Chapter 5 expenditure for the period is at least—

(a)£10,000, if the accounting period is a period of 12 months, or

(b)the amount given by subsection (2), if the accounting period is a period of less than 12 months.

(2)The amount referred to in subsection (1)(b) is—

where X is the number of days in the accounting period.

(3)A company’s qualifying Chapter 5 expenditure is “for” the accounting period if it is allowable as a deduction in calculating for corporation tax purposes the profits for the period of a trade carried on by the company.

(4)Expenditure allowable as a deduction for the purposes of subsection (3) includes expenditure so allowable because of section 61 (pre-trading expenses).

(5)For the meaning of “qualifying Chapter 5 expenditure” see section 1076.

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