An SME may claim a payable R&D tax credit for an accounting period in which it has a surrenderable loss. The claim must be made in a return or an amendment to a return on or before the first anniversary of the filing date for the accounting period – FA98/SCH18/PARA83E (1).
An R&D tax credit is not taxable income of the company.
Going concern (S1057)
A company may only make a claim under section 1054 at a time when it is a going concern. See CIRD81130.
Surrenderable loss (S1055)
A company has a surrenderable loss if in an accounting period the company: