Section 1060 Use of credit to pay corporation taxF2

United Kingdom

(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.

F1(4)

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(5)

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(6)

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(7)

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Annotations

F1: S. 1060(4)-(7) 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. 6(14)(b), 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2
F2: S. 1060 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(14)(a), 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2

F1: 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

F1: 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