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Corporation Tax Act 2010

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312Qualifying pre-commencement expenditureU.K.
This section has no associated Explanatory Notes

(1)For the purposes of this Chapter, expenditure is “qualifying pre-commencement expenditure” if it meets each of conditions A to D.

(2)Condition A is that the expenditure is incurred on or after 1 January 2006.

(3)Condition B is that the expenditure is incurred in the course of oil extraction activities.

(4)Condition C is that the expenditure is incurred by a company with a view to carrying on a ring fence trade but before the company sets up and commences the ring fence trade.

(5)Condition D is that the expenditure—

(a)is subsequently allowable as a deduction in calculating the profits of the ring fence trade for the commencement period (whether or not any part of it is so allowable for any post-commencement period), or

(b)is relevant R&D expenditure incurred by an SME.

(6)For the purposes of this section, expenditure incurred by a company is “relevant R&D expenditure incurred by an SME” if—

(a)the company makes an election under section 1045 of CTA 2009 (alternative treatment for pre-trading expenditure: deemed trading loss) in respect of that expenditure, but

(b)the company does not make a claim for an R&D tax credit under section 1054 of that Act in respect of that expenditure.

(7)In the case of any qualifying pre-commencement expenditure which is relevant R&D expenditure incurred by an SME, the amount of that expenditure is treated for the purposes of this Chapter as being equal to 150% of its actual amount.

F1(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 312(8)(9) omitted (with effect in accordance with Sch. 15 paras. 28, 29 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 15 para. 24(2)

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