Section 357BLG — Corporation Tax Act 2010: Cases where the company is a new entrant with insufficient information about pre-enactment expenditure

Cases where the company is a new entrant with insufficient information about pre-enactment expenditure 357BLG 1 This section applies if—

a the accounting period begins before 1 July 2021 and the company is a new entrant (so that subsection (3) of section 357BLF applies),

and b the company has insufficient information about its expenditure in the period which begins with 1 July 2013 and ends with 30 June 2016 to be able to calculate the R&D fraction for the sub-stream.

2 If the accounting period begins on or after 1 July 2019, the company may elect that, for the purposes of enabling it to determine the R&D fraction for the sub-stream, section 357BLF is to have effect as if in subsection (3) for “1 July 2013” there were substituted “ 1 July 2016 ” .

3 If the accounting period begins before 1 July 2019 the company may elect that, for the purposes of enabling it to determine the R&D fraction for the sub-stream, sections 357BL to 357BLE are to have effect as if—

a any reference in those sections to the relevant period were to the period of three years ending with the last day of the accounting period, b in section 357BLB, for subsections (5) and (6) there were substituted— 5 In this section and sections 357BLC and 357BLD, “ relevant research and development ” means research and development (within the meaning of section 1138) which relates to the trade. , and c in section 357BLE—

i in each of subsections (2), (3) and (4) the word “relevant” were omitted, and ii subsection (6) were omitted.