48Cap on R&D aid
(1)CTA 2009 is amended as follows.
(2)In section 1114 (calculation of total R&D aid)—
(a)in the formula for “(N x CT)” substitute “N”, and
(b)in the definition of “N” for “relief” substitute “R&D expenditure credit”.
(3)In section 1118(1) (meaning of “notional relief”)—
(a)for “relief” in the first two places it occurs substitute “R&D expenditure credit”,
(b)for “Chapter 5 (relief for large companies)” substitute “Chapter 6A of Part 3 (trade profits: R&D expenditure credits)”, and
(c)in the heading for “relief” substitute “R&D expenditure credit”.
(4)The amendments made by this section have effect in relation to expenditure incurred on or after 1 April 2016.