Part 1 Main Amendments of CTA 2009
Finance Act 2024 (2024 c 3) | Legislation

SCHEDULE 1 Research and Development

Section 2

Part 1 Main Amendments of CTA 2009

1

CTA 2009 is amended as follows.

2

In Part 3, omit Chapter 6A (R&D expenditure credit).

3

In the heading of Part 13, omit “Additional relief forâ€.

4

(1)     Chapter 1 of Part 13 is amended as follows.

(2)     For section 1039 (overview of Part) substitute—

“1039 Overview of Part

(1)     This Part provides relief for companies that invest in research and development.

(2)     Chapter 1A makes relief available in the form of a credit in respect of expenditure on research and development, which becomes payable in certain circumstances.

(3)     Chapter 2 makes alternative relief available, in the form of—

(a)     an additional deduction in calculating trading profits, and

(b)     a payable credit,

to small or medium-sized enterprises that invest heavily in research and development and do not make associated trading profits.

(4)     Chapter 8 limits the reliefs provided by Chapters 1A and 2.

(5)     Chapter 9 contains definitions and other supplementary provision.â€

(3)     For section 1040 (relief to be available under more than one Chapter of Part 13) substitute—

“1040 No overlapping claims under Chapters
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