Part 13Additional relief for expenditure on research and development

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

Tax credit: entitlement and payment

1105Amount of trading loss which is “unrelieved”

(1)

This section applies for the purposes of section 1104.

(2)

The amount of a trading loss that is “unrelieved” is the amount of the loss reduced by—

(a)

any relief that was or could have been obtained by the company making a claim under F1section 37(3)(a) of CTA 2010 to deduct the loss from total profits of the same accounting period,

(b)

any other relief obtained by the company in respect of the loss, including relief under F2section 37(3)(b) of that Act (losses deducted from total profits of an earlier accounting period),

(c)

any loss surrendered under F3Part 5 of that Act (surrender of relief to group or consortium members), and

(d)

the amount of any Chapter 2 surrenderable loss (as defined by section 1055) in respect of which an R&D tax credit is claimed under Chapter 2.

(3)

No account is to be taken for this purpose of any losses—

(a)

brought forward from an earlier accounting period under F4section 45 of CTA 2010, or

(b)

carried back from a later accounting period under F5section 37(3)(b) of that Act.