Related Commentary  Related HMRC Manuals

1060(1)  This section applies if an R&D tax credit for an accounting period is payable to a company under this Chapter.

1060(2)  The amount payable in respect of–

(a)the R&D tax credit, or

(b)interest on the credit payable under section 826 of ICTA,

may be applied in discharging any liability of the company to pay corporation tax.

1060(3)  So far as the amount is so applied, the duty of the officer of Revenue and Customs to pay the credit under section 1054(4) is discharged.

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