Part 13Additional relief for expenditure on research and development

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

Reliefs

1094Relief only available to SME where company is going concern

(1)

A company which is a small or medium-sized enterprise may only make—

(a)

a claim under section 1087, or

(b)

an election under section 1092,

at a time when it is a going concern.

(2)

For the purposes of this section a company is a going concern if—

(a)

its latest published accounts were prepared on a going concern basis, and

(b)

nothing in those accounts indicates that they were only prepared on that basis because of an expectation that the company would receive relief or R&D tax credits under Chapter 2 or this Chapter.

(3)

Section 436(2) of the Companies Act 2006 (meaning of “publication” of documents) has effect for the purposes of this section.