Part 13 U.K. Additional relief for expenditure on research and development

Chapter 7 U.K. Relief for SMEs and large companies: vaccine research etc

Reliefs U.K.

1090 Modification of section 1089 for larger SMEs U.K.

(1) Subsection (2) applies if a company which makes a claim under section 1087 for relief to which it is entitled for an accounting period—

(a) is a larger SME in the period, and

(b) obtains an R&D tax credit for the period under Chapter 2.

(2) Section 1089 has effect in relation to the company as if for subsection (2) there were substituted—

“(2) The amount of the deduction under that section is [F1 20%] of so much of the company's qualifying Chapter 7 expenditure for the period as is expenditure in respect of which the company is not entitled to relief under Chapter 2.”

Textual Amendments

F1 Word in s. 1090(2) substituted (15.9.2011) (with effect in accordance with s. 43(13) of the amending Act) by Finance Act 2011 (c. 11), s. 43(9)(12); S.I. 2011/2280, art. 2