Finance Act 2021 (c. 26)

SCHEDULES

SCHEDULE 4 U.K. R&D tax credits for SMEs: Northern Ireland companies

Cap on amount of tax credit U.K.

4 U.K. In subsection (4), for the words from “sum of” to the end, substitute “lesser of—

(a) the sum of—

(i) the amount of the Northern Ireland Chapter 2 surrenderable loss multiplied by the relevant percentage, and

(ii) the amount of the mainstream Chapter 2 surrenderable loss multiplied by the percentage specified in section 1058(1)(a) of CTA 2009, and

(b) the amount given by section 1058(1A) of CTA 2009.”