Section 1042G | Percentage of qualifying expenditure translated into credit

(1)The relevant percentage for the purposes of section 1042B(5) is—

(a)49%, in the case of a ring fence trade within the meaning given by section 277 of CTA 2010, or

(b)20%, in any other case.

(2)The Treasury may by regulations replace the percentage for the time being specified in subsection (1)(a) or (b) with a different percentage.