Textual Amendments
F1Pt. 13 Ch. 7 heading substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 30
(1)A company is entitled to corporation tax relief for an accounting period if it meets conditions AF2... [F3, C and D].
(2)Condition A is that the company has incurred expenditure which is qualifying Chapter 7 expenditure for the period.
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Condition C is that the company is carrying on a trade in the period.
[F5(4A)Condition D is that the company is a large company throughout the period.]
(5)For the company to obtain the relief it must make a claim.
(6)The relief is a deduction in calculating the profits of the trade for the period.
[F6(7)For the amount of the deduction see section 1091.]
(8)This section is subject to section 1113 (cap on total R&D aid in relation to a particular research and development project).
(9)See also—
(a)section 1088 for the declaration that a F7... company is required to make in a claim under this section,
F8(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)section 1098 for the meaning of “qualifying Chapter 7 expenditure”, and
(d)[F9section 1100] for the meaning of qualifying Chapter 7 expenditure “for” an accounting period.
Textual Amendments
F2Word in s. 1087(1) omitted (with effect in accordance with Sch. 3 para. 39 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 7(3)(a)
F3Words in s. 1087(1) substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 22(2)
F4S. 1087(3) omitted (with effect in accordance with Sch. 3 para. 39 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 7(3)(b)
F5S. 1087(4A) inserted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 22(3)
F6S. 1087(7) substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 22(4)
F7Word in s. 1087(9)(a) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 22(5)(a)
F8S. 1087(9)(b) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 22(5)(b)
F9Words in s. 1087(9)(d) substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 22(5)(c)