Related Commentary  

419(1)  A person’s unrelieved qualifying expenditure for the chargeable period in which the qualifying expenditure is incurred is

(a)the whole of it, unless the expenditure is first-year qualifying expenditure, or

(b)if the expenditure is first-year qualifying expenditure, none of it,

but paragraph (b) is subject to subsections (3) to (5).

419(2)  A person’s unrelieved qualifying expenditure for a chargeable period after that in which the qualifying expenditure is incurred is the amount, if any, by which it exceeds the aggregate of–

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