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“relevant micro or small sized company” and “expenditure on research and development” have the same meaning as they have in section 766;

(3)(a) In applying this subsection, the definition in section 766(1)(a) of “expenditure on research and development” shall apply as if references to amounts being allowable for tax purposes were references to amounts which would be allowable for tax purposes, if the company had commenced to trade.

(b) Notwithstanding subsection (1)(b)(vi) of section 766, a company to which this section applies may make a claim under subsection (2) of that section in an accounting period prior to commencing to trade, but, subject to subsection (7) of this section, no claim under subsection (2A) or (4B) of the said section 766 may be made in respect of expenditure referred to in paragraph (a).

(b) Notwithstanding subsection (1)(b)(vi) of section 766, a company to which this section applies may make a claim under subsection (2) of that section in an accounting period prior to commencing to trade, but, subject to subsection (7) of this section, no claim under subsection (2A) or (4B) of the said section 766 may be made in respect of expenditure referred to in paragraph (a).

(7) Where a company has made a claim under this section and subsequently begins to trade, the expenditure calculated for the purposes of section 766(1)(b)(vi)(I) shall be determined by the formula—

A is equal to the total expenditure calculated for the purposes of section 766(1)(b)(vi)(I), and

“payroll liabilities” has the same meaning as in section 766B(1);

(a) in respect of income tax collected under Chapter 4 of Part 42, payroll liabilities, other than those referred to in paragraph (b) of the definition of “payroll liabilities” in section 766B, due and payable in respect of each income tax month, as defined in section 983, and

(4) Where a company makes a claim under subsection (3), and as respects any accounting period of that company, the amount by which the company is entitled to reduce corporation tax of the accounting period exceeds the corporation tax of the company for the accounting period, the company may make a claim to have that excess offset against the company’s tax liability for that accounting period, and where this results in an overpayment of the tax liability for that accounting period then, subject to section 960H, a refund may issue.

(a) in respect of income tax collected under Chapter 4 of Part 42, payroll liabilities, other than those referred to in paragraph (b) of the definition of “payroll liabilities” in section 766B, due and payable in respect of each income tax month, as defined in section 983, and

(b) in respect of tax, within the meaning of section 2 of the Value-Added Tax Consolidation Act 2010, the amount due and payable for each taxable period within the meaning of section 76 of that Act,

(b) in respect of tax, within the meaning of section 2 of the Value-Added Tax Consolidation Act 2010, the amount due and payable for each taxable period within the meaning of section 76 of that Act,

(b) in respect of tax, within the meaning of section 2 of the Value-Added Tax Consolidation Act 2010, the amount due and payable for each taxable period within the meaning of section 76 of that Act,