Section 1058 — Corporation Tax Act 2009: Amount of tax credit

Amount of tax credit 1058 1 The amount of the R&D tax credit to which a company is entitled for an accounting period is the lesser of —

a 14.5% of the amount of the Chapter 2 surrenderable loss for the period, ... and aa the amount of the cap by reference to the company’s PAYE and NIC liabilities for the accounting period (see section 1112B ). b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 The Treasury may by regulations—

a replace the percentage for the time being specified in subsection (1)(a) with a different percentage;

b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .