Section 1060 — Corporation Tax Act 2009: Use of credit to pay corporation tax

Use of credit to pay corporation tax 1060 1 This section applies if an R&D tax credit for an accounting period is payable to a company under this Chapter.

2 The amount payable in respect of—

a the R&D tax credit, or b interest on the credit payable under section 826 of ICTA, may be applied in discharging any liability of the company to pay corporation tax.

3 So far as the amount is so applied, the duty of the officer of Revenue and Customs to pay the credit under section 1054(4) is discharged. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .