Explanatory Notes

Corporation Tax Act 2009

2009 CHAPTER 4

26 March 2009

Commentary on Sections

Part 13: Additional relief for expenditure on research and development

Overview

Chapter 2: Relief for SMEs: cost of R&D incurred by SME
Overview
Section 1061: Tax credit payment not income of company

2760.This section makes clear that a payment of an R&D tax credit is not income of the company for tax purposes. It is based on paragraph 20 of Schedule 20 to FA 2000.