[F1104T“Going concern”U.K.
(1)For the purposes of section 104S(2) and (3) a company is a going concern if—
(a)its latest published accounts were prepared on a going concern basis, and
(b)nothing in those accounts indicates that they were only prepared on that basis because of an expectation that the company would receive R&D expenditure credits under this Chapter.
This is subject to subsection (2).
(2)A company is not a going concern at any time if it is in administration or liquidation at that time.
(3)For the purposes of this section a company is in administration if—
(a)it is in administration under Part 2 of the Insolvency Act 1986 or Part 3 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
(b)a corresponding situation under the law of a country or territory outside the United Kingdom exists in relation to the company.
(4)For the purposes of this section a company is in liquidation if—
(a)it is in liquidation within the meaning of section 247 of that Act or Article 6 of that Order, or
(b)a corresponding situation under the law of a country or territory outside the United Kingdom exists in relation to the company.
(5)Section 436(2) of the Companies Act 2006 (meaning of “publication” of documents) has effect for the purposes of this section.]
Textual Amendments
F1Pt. 3 Ch. 6A inserted (with effect in accordance with Sch. 15 para. 27 of the amending Act) by Finance Act 2013 (c. 29), Sch. 15 para. 1