(1) Where in an accounting period a qualified company incurs relevant expenditure and the company makes a claim on that behalf it shall be entitled to an amount (in this section referred to as 'the credit') equal to 30 per cent of the specified relevant expenditure.

(2)

(a) This subsection applies in respect of a qualified 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,

(ii) specifies that the credit, or any portion of that credit, shall be treated as an overpayment of tax under subsection (6)(a)(i), and

(iii) is a member of a group of companies,

where the amount specified under subparagraph (ii) is in excess of that 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 (c) in respect of the amount of the excess.