Chwilio Deddfwriaeth

Finance Act 2003

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Paragraph 15

 Help about opening options

Version Superseded: 01/04/2009

Alternative versions:

Status:

Point in time view as at 10/07/2003.

Changes to legislation:

Finance Act 2003, Paragraph 15 is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

15U.K.After Part 2 of Schedule 12 to the Finance Act 2002 (entitlement to relief for R&D expenditure: work sub-contracted to small or medium-sized enterprise) insert the following Part—

Part 2A U.K.Entitlement of SME to additional relief available to large companies
Entitlement to relief under this Part

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

(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.

Qualifying additional SME expenditure

10BFor the purposes of this Schedule, the SME’s “qualifying additional SME expenditure” is any expenditure which—

(a)had the SME been a large company throughout the accounting period in question, would have been qualifying R&D expenditure of that company (see paragraph 3), but

(b)is not qualifying R&D expenditure for the purposes of Schedule 20 to the Finance Act 2000 (see paragraph 3 of that Schedule) in the case of the SME by reason only of paragraph 3(7) or 10(2)(a)(iv) of that Schedule (subsidised expenditure, within the meaning given by paragraph 8 of that Schedule); and

(c)is not qualifying sub-contracted R&D expenditure for the purposes of this Schedule (see paragraph 8) in the case of the SME..

Yn ôl i’r brig

Options/Cymorth