1118“The notional [F1R&D expenditure credit]”U.K.
(1)In section 1114 “the notional [F2R&D expenditure credit]” means the total amount of [F2R&D expenditure credit] that the claimant could have claimed under [F3Chapter 6A of Part 3 (trade profits: R&D expenditure credits)] in any accounting period in respect of qualifying expenditure attributable to the research and development project if the claimant had been a large company throughout the period.
(2)“Qualifying expenditure” means expenditure that, in the accounting period in question, was—
(a)qualifying Chapter 2 expenditure (see section 1051). F4...
F5(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 1118 heading substituted (with effect in accordance with s. 48(4) of the amending Act) by Finance Act 2016 (c. 24), s. 48(3)(c)
F2Words in s. 1118(1) substituted (with effect in accordance with s. 48(4) of the amending Act) by Finance Act 2016 (c. 24), s. 48(3)(a)
F3Words in s. 1118(1) substituted (with effect in accordance with s. 48(4) of the amending Act) by Finance Act 2016 (c. 24), s. 48(3)(b)
F4Word in s. 1118(2)(a) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(6)(a)
F5S. 1118(2)(b) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(6)(b)