Section 1137 Accounting periods: company not within charge to corporation tax

United Kingdom

(1)

This section applies to a company if—

(a)

it is not within the charge to corporation tax, and

(b)

it incurs qualifying Chapter 2 expenditure F1... .

(2)

For the purposes of this Part the company is treated as having the accounting periods it would have if—

(a)

it carried on a trade consisting of the activities in respect of which the expenditure is incurred, and

(b)

it had started to carry on that trade when it started to carry on relevant research and development.

Annotations

F1: Words in s. 1137(1)(b) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(8)

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