(1)In section 1114 “the tax credits” means the total R&D tax credits that have been paid to the claimant under Chapter 2 F1... in respect of expenditure attributable to the research and development project.
(2)An R&D tax credit that has been claimed but not paid or applied is treated for the purposes of subsection (1) as if it had been paid.
(3)Subsection (2) does not apply if the claimant has been informed by Her Majesty's Revenue and Customs that the R&D tax credit will not be paid or applied.
Textual Amendments
F1Words in s. 1115(1) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 31(3)