Corporation Tax Act 2009 section 1115

"The tax credits"

Section 1115 defines what "the tax credits" means for the purposes of calculating total R&D aid under section 1114.

• "The tax credits" means the total R&D tax credits paid to the claimant under Chapter 2 for expenditure on the research and development project
• An R&D tax credit that has been claimed but not yet paid or applied is treated as if it had been paid
• This deemed payment rule does not apply if HMRC has informed the claimant that the tax credit will not be paid or applied
• The definition feeds into the formula in section 1114 used to calculate total R&D aid received