Section 461 | Unrelieved qualifying expenditure

(1)A person has unrelieved qualifying expenditure to carry forward from a chargeable period if for that period AQE exceeds TDV.

(2)The amount of the unrelieved qualifying expenditure is—

(a)the excess less the writing-down allowance made for the period, or

(b)if no writing-down allowance is claimed for the period, the excess.

(3)No amount may be carried forward as unrelieved qualifying expenditure from the final chargeable period.