PART 2Corporation tax

Research and development

48Cap 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.