Section 1042A — Corporation Tax Act 2009: Overview of Chapter

Overview of Chapter 1042A 1 This Chapter provides an entitlement to a credit (called an “R&D expenditure credit”) in respect of certain expenditure on research and development.

2 Section 1042B and 1042C make the basic provision setting out what the entitlement is and how it is to be realised.

3 Sections 1042D to 1042F describe the expenditure by reference to which the entitlement arises.

4 Section 1042G sets the percentage of that expenditure that is translated into the credit.

5 Sections 1042H to 1042N make provision about what happens when a company obtains the credit (in particular, about how the credit is to be accounted for and applied or paid).

6 Section 1042O makes provision about how the expenditure credit operates in the context of a basic life assurance and general annuity business carried on by an insurance company.

7 This Chapter has to be read with Chapter 8, which limits the entitlement given by this Chapter in various respects.