Section 1042A | Overview of Chapter

(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.