SCHEDULES
SCHEDULE 3Relief for expenditure on R&D
14Company not a going concern when in administration or liquidation
1
Section 1106 (tax credit only available where company is going concern) is amended as follows.
2
At the end of subsection (4) insert—
This is subject to subsection (4A).
3
After subsection (4) insert—
4A
A company is not a going concern at any time if it is in administration or liquidation at that time.
4B
For the purposes of this section a company is in administration if—
a
it is in administration under Part 2 of the Insolvency Act 1986 or Part 3 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
b
a corresponding situation under the law of a country or territory outside the United Kingdom exists in relation to the company.
4C
For the purposes of this section a company is in liquidation if—
a
it is in liquidation within the meaning of section 247 of that Act or Article 6 of that Order, or
b
a corresponding situation under the law of a country or territory outside the United Kingdom exists in relation to the company.