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Modification or exception to section 37H of Act (Cash grant for research and development expenditure for start-up company)

Income Tax (Amalgamation of Companies) Regulations 2011

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—(1) Where all the amalgamating companies cease to exist on the date of amalgamation, then, in respect of any year of assessment in which the amalgamated company is a qualifying start-up company for the purpose of section 37H of the Act —(a)in a case where the date of amalgamation does not fall within either of the basis periods of the first 2 years of assessment of any of the amalgamating companies, that section shall not apply to the amalgamated company; and(b)in a case where the date of amalgamation falls within either of the basis periods of the first 2 years of assessment of any of the amalgamating companies, that section shall apply to the amalgamated company if and only if the year of assessment in which the amalgamated company is a qualifying start-up company falls within a year of assessment specified in paragraph (2).(2) For the purpose of paragraph (1)(b) —(a)in a case where the day immediately before the date of amalgamation falls within the basis period of any amalgamating company in which that amalgamating company was incorporated, the specified year of assessment shall be —(i)the year of assessment relating to the basis period in which the date of the amalgamation falls; or(ii)the year of assessment immediately following that year of the assessment; and(b)in any other case, the specified year of assessment shall be the year of assessment relating to the basis period in which the date of amalgamation falls.

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