Schedules
F1SCHEDULE A1First-year tax credits
Part 1Entitlement to first-year tax credits
Amount of first-year tax credit
2
1
The amount of the first-year tax credit to which a company is entitled for a chargeable period in which it has a surrenderable loss is an amount equal to—
a
19% of the amount of the surrenderable loss for the chargeable period, or
b
if the amount mentioned in paragraph (a) exceeds the upper limit, the upper limit.
2
The upper limit is the greater of—
a
the total amount of the company's PAYE and NICs liabilities for payment periods ending in the chargeable period (see paragraph 17), and
b
£250,000.
3
A company which is entitled to an amount of first-year tax credit may claim the whole amount or part only of the amount.
4
The Treasury may by order substitute for the percentage for the time being specified in sub-paragraph (1)(a) such other percentage as it thinks fit.
5
An order under sub-paragraph (4) may make such incidental, supplemental, consequential and transitional provision as the Treasury thinks fit.
Sch. A1 inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 5