Section 357BLG | Cases where the company is a new entrant with insufficient information about pre-enactment expenditure ^F1F2

(1)This section applies if—^F1F2

(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^F1F2

(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.^F1F2

(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 ”.^F1F2

(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—^F1F2

(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,^F1F2

(b)in section 357BLB, for subsections (5) and (6) there were substituted—^F1F2

(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—^F1F2

(i)in each of subsections (2), (3) and (4) the word “relevant” were omitted, and^F1F2

(ii)subsection (6) were omitted.^F1F2