Part 13F6... expenditure on research and development
Chapter 2F7Relief for loss-making, R&D-intensive SMEs
Pt. 13 Ch. 2 heading substituted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance Act 2024 (c. 3), Sch. 1 paras. 6(2), 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2
Amount of tax credit
1058Amount of tax credit
C11
The amount of the R&D tax credit to which a company is entitled for an accounting period is F2the lesser of—
F10aa
the amount of the cap by reference to the company’s PAYE and NIC liabilities for the accounting period (see section 1112B).
F5b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F141A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F141B
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F141C
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F32
The Treasury may by regulations—
a
replace the percentage for the time being specified in subsection (1)(a) with a different percentage;
F12b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F113
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F81058ARelevant expenditure on workers
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F81058BTotal amount of company's PAYE and NIC liabilities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F81058CAvoiding double counting of PAYE and NIC liabilities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F81058DExceptions to tax credit cap
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11059Total amount of company's PAYE and NIC liabilities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Words in Pt. 13 heading omitted (with effect in relation to accounting periods beginning on or after 1.4.2024) by virtue of Finance Act 2024 (c. 3), Sch. 1 paras. 3, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2