Finance Act 2002

[F1 10A (1) A company (“the SME”) is entitled to tax relief under this Part for an accounting period if— U.K.

(a) it qualifies as a small or medium-sized enterprise in that period, and

(b) its aggregate R&D expenditure for that period is not less than—

(i) £10,000, if the accounting period is a period of 12 months, or

(ii) such amount as bears to £10,000 the same proportion as the accounting period bears to 12 months.

(2) Sub-paragraphs (2) and (3) of paragraph 7 (meaning of “aggregate R&D expenditure” and “for an accounting period”) apply for the purposes of this paragraph as they apply for the purposes of that paragraph.

(3) Any relief to which a company is entitled under this Part for an accounting period is in addition to any relief to which it may be entitled under—

(a) Schedule 20 to the Finance Act 2000, or

(b) Part 2 of this Schedule.]

Textual Amendments

F1 Sch. 12 Pt. 2A inserted (with effect in accordance with s. 168(4)(d)(iii) of the amending Act) by Finance Act 2003 (c. 14), Sch. 31 para. 15