Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 13 U.K. Tax relief for expenditure on vaccine research etc

Modifications etc. (not altering text)

C1 Sch. 13 modified (with effect as specified in art. 2 of the commencing S.I. of the commencing S.I.) by Finance Act 2004 (c. 12), s. 53(2)(6); S.I. 2004/3268, art. 2

Commencement Information

I1 Sch. 13 has effect in relation to expenditure incurred on or after 22.4.2003 by The Finance Act 2002, Schedule 13 (Appointed Day) Order 2003 (S.I. 2003/1472), art. 2 (with para. 28(1))

Part 2 U.K. Manner of giving effect to relief: small and medium-sized companies

Deduction in computing profits of trade U.K.

14 (1) Where a company—

(a) is entitled to relief under this Schedule for an accounting period in respect of any qualifying expenditure, and

(b) is carrying on a trade in that period,

it may (on making a claim) make the appropriate deduction in computing the profits of the trade for that period [F1 (subject to paragraph 18A)].

[F2 (2) The appropriate deduction is [F3 40%] of the qualifying expenditure.]

(3) This paragraph is without prejudice to any other deduction in respect of the qualifying expenditure.

Textual Amendments

F1 Words in Sch. 13 para. 14(1) inserted (with effect in accordance with Sch. 9 para. 3 of the amending Act) by Finance Act 2008 (c. 9), Sch. 9 para. 2(2)

F2 Sch. 13 para. 14(2) substituted (with effect in accordance with s. 49(6) of the amending Act) by Finance Act 2007 (c. 11), s. 49(2)

F3 Word in Sch. 13 para. 14(2) substituted (with effect in accordance with Sch. 8 para. 3(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 8 para. 3(2)(a)