Open at the publisher →
In force since 2026-04-01, as the publisher states.
Copy read on 2026-11-08. The page it was read from
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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1,891 provisions 1060 Use of credit to pay corporation tax (1) This section applies if an R&D tax credit for an accounting period is payable to a company under this Chapter.
(2) The amount payable in respect of—
(a) the R&D tax credit, or
(b) interest on the credit payable under section 826 of ICTA,
may be applied in discharging any liability of the company to pay corporation tax.
(3) So far as the amount is so applied, the duty of the officer of Revenue and Customs to pay the credit under section 1054(4) is discharged.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1061 Tax credit payment not income of company A payment in respect of an R&D tax credit under this Chapter is not income of the company for any tax purposes.
Propose a change 1062 Restriction on losses carried forward where tax credit claimed (1) This section applies if a company claims an R&D tax credit to which it is entitled for an accounting period.
(2) For the purposes of sections 45, 45A and 45B of CTA 2010 (relief of trading losses against future ... profits) the company's trading loss for the period is treated as reduced by the amount of the surrendered loss for the period.
(3) The “amount of the surrendered loss” for the period means the amount of the Chapter 2 surrenderable loss in respect of which the company claims an R&D tax credit for the period.
Propose a change 1062A Insurance company to be treated as large company An insurance company that carries on life assurance business in an accounting period is not to be treated for the purposes of this Chapter as a small or medium-sized enterprise in relation to that period.
Propose a change 1063 Additional deduction in calculating profits of trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1064 R&D threshold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1065 Qualifying Chapter 3 expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1066 Expenditure on sub-contracted R&D undertaken in-house . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1067 Expenditure on sub-contracted R&D not undertaken in-house . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1068 Additional deduction in calculating profits of trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1069 R&D threshold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1070 Qualifying Chapter 4 expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1071 Subsidised qualifying expenditure on in-house direct R&D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1072 Subsidised qualifying expenditure on contracted out R&D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1073 Capped R&D expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1074 Additional deduction in calculating profits of trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1075 R&D threshold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1076 Qualifying Chapter 5 expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1077 Qualifying expenditure on in-house direct R&D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1078 Qualifying expenditure on contracted out R&D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1079 Qualifying expenditure on contributions to independent R&D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1080 Entitlement to relief: I minus E basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change section-1082 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change section-1083 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change section-1084 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1085 Overview of Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1086 Meaning of “qualifying R&D activity” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1087 Deduction in calculating profits of trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1088 Declaration about effect of relief . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1089 SMEs: amount of deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1090 Modification of section 1089 for larger SMEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1091 Amount of deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1092 SMEs: deemed trading loss for pre-trading expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1093 Modification of section 1092 for larger SMEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1094 Relief only available to SME where company is going concern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1095 Elections under section 1092 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1096 Treatment of deemed trading loss under section 1092 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1097 R&D threshold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change 1098 Meaning of “qualifying Chapter 7 expenditure” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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