(1)A company is only entitled to qualifying R&D relief in respect of expenditure attributable to a research and development project if, or so far as, the condition in subsection (2) is met at that time.
(2)The condition is that the total R&D aid in respect of expenditure by the company attributable to the project would not exceed 7.5 million euros.
(3)In subsection (2) “total R&D aid” means the total R&D aid calculated—
(a)in accordance with section 1114, and
(b)as if a claim or election had been made for the R&D relief mentioned in subsection (1).
(4)In this Chapter “qualifying R&D relief” means any relief or R&D tax credit under—
(a)Chapter 2 (relief for SMEs: cost of R&D incurred by SME) F2...
F3(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)The Treasury may by regulations—
(a)increase the amount specified in subsection (2), and
(b)amend this Chapter (apart from this section).
Textual Amendments
F1Words in s. 1113 heading omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(5)(a)
F2Word in s. 1113(4)(a) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(5)(b)(i)
F3S. 1113(4)(b) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(5)(b)(ii)