93. First-year tax credits in general.

The following provisions apply for corporation tax purposes until 1 April 2020, and for income tax purposes until 6 April 2020¹.

A company may claim a first-year tax credit for a chargeable period in which it has a surrenderable loss, unless it is an excluded company² in relation to that chargeable period³.

A company has a surrenderable loss in a chargeable period if in that period:

1.  

   (1)     a first-year allowance⁴ is made to the company in respect of relevant first-year expenditure⁵ incurred for the purposes of a qualifying activity the profits of which are chargeable to corporation tax; and

2.  

   (2)     the