# Finance Act 2016, Section 48: Cap on R&D aid


(1) CTA 2009 is amended as follows.
(2) In section 1114 (calculation of total R&D aid)—
(a) in the formula for “(N x CT)” substitute “ N ”, and
(b) in the definition of “N” for “relief” substitute “ R&D expenditure credit ”.
(3) In section 1118(1) (meaning of “notional relief”)—
(a) for “relief” in the first two places it occurs substitute “ R&D expenditure credit ”,
(b) for “Chapter 5 (relief for large companies)” substitute “ Chapter 6A of Part 3 (trade profits: R&D expenditure credits) ”, and
(c) in the heading for “relief” substitute “ R&D expenditure credit ”.
(4) The amendments made by this section have effect in relation to expenditure incurred on or after 1 April 2016.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/section/48 (the official version)
Page: https://openlegislation.uk/finance-act-2016/section-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.