(1) Subject to subsection (2), where in respect of any accounting period a company makes a claim in that behalf, it shall be entitled to an amount (in this section referred to as 'the credit') equal to 30 per cent of the qualifying expenditure attributable to the company as is referable to the accounting period.
(a) This subsection applies in respect of a company (in this subsection referred to as a 'surrendering company') that -
(i) in respect of any accounting period claims the credit in accordance with this section, and
(ii) specifies that the credit, or any portion of the credit, shall be treated as an overpayment of tax under subsection (7)(a),
where the amount specified by the company under subparagraph (ii) is in excess of the company's liabilities (within the meaning of section 960H), and the difference between that amount so specified and those liabilities shall be referred to in this subsection as 'the excess'.
(b) A surrendering company may make a claim under paragraph (
…