s 48 Cap on R&D aid
(1) CTA 2009 is amended as follows. (2) In section 1114 (calculation of total R&D aid)— (a) in the formula for “(N x CT)” substitute “ N ” , and (b) in the definition of “N” for “relief” substitute “ R&D expenditure credit ” . (3) In section 1118(1) (meaning of “notional relief”)— (a) for “relief” in the first two places it occurs substitute “ R&D expenditure credit ” , (b) for “Chapter 5 (relief for large companies)” substitute “ Chapter 6A of Part 3 (trade profits: R&D expenditure credits) ” , and (c) in the heading for “relief” substitute “ R&D expenditure credit ” . (4) The amendments made by this section have effect in relation to expenditure incurred on or after 1 April 2016.