Section 1142D General rule against payments of credit to nomineesF1
Where an amount of R&D expenditure credit or R&D tax credit is owed to a company, an officer of Revenue and Customs may not pay the amount to a person other than the company (even on the instruction or at the request of the company).
Subsection (1) does not apply if—
the company requests that payment be made to a person connected with the company, or
the officer is satisfied that exceptional circumstances make payment to the company impracticable or inconvenient.
Annotations
Textual amendments
- F1
S. 1142D inserted (with effect in accordance with Sch. 1 para. 17(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 1 paras. 9(17), 16 (with Sch. 1 para. 18)
Notes on Part 13
Textual amendments
- 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