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)     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)     the