[F1104SRestrictions on payment of R&D expenditure creditU.K.
(1)This section applies if—
(a)a company is entitled to an R&D expenditure credit for an accounting period under this Chapter, and
(b)an amount of the R&D expenditure credit is payable to the company under step 7 of section 104N(2).
(2)If at the time of claiming the credit the company was not a going concern (see section 104T)—
(a)the company is not entitled to be paid that amount, and
(b)that amount is extinguished.
(3)But if the company becomes a going concern on or before the last day on which an amendment of the company's tax return for the accounting period could be made under paragraph 15 of Schedule 18 to FA 1998, the company is entitled to be paid that amount.
(4)If the company's tax return for the accounting period is enquired into by an officer of Revenue and Customs—
(a)no payment of that amount need be made before the officer's enquiries are completed (see paragraph 32 of Schedule 18 to FA 1998), but
(b)the officer may make a payment on a provisional basis of such amount as the officer thinks fit.
(5)No payment of that amount need be made if the company has outstanding PAYE and NIC liabilities for the period.
(6)A company has outstanding PAYE and NIC liabilities for an accounting period if it has not paid to an officer of Revenue and Customs any amount that it is required to pay—
(a)under PAYE regulations, or
(b)in respect of Class 1 national insurance contributions,
for payment periods ending in the accounting period.]
Textual Amendments
F1Pt. 3 Ch. 6A inserted (with effect in accordance with Sch. 15 para. 27 of the amending Act) by Finance Act 2013 (c. 29), Sch. 15 para. 1