Section 1058 | Amount of tax credit

(1)The amount of the R&D tax credit to which a company is entitled for an accounting period is the lesser of—

(a)14.5% of the amount of the Chapter 2 surrenderable loss for the period, ... and

(aa)the amount of the cap by reference to the company’s PAYE and NIC liabilities for the accounting period (see section 1112B).

(b)Repealed

(1A)Repealed

(1B)Repealed

(1C)Repealed

(2)The Treasury may by regulations—

(a)replace the percentage for the time being specified in subsection (1)(a) with a different percentage;

(b)Repealed

(c)Repealed

(3)Repealed