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Finance Act 2003

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Changes over time for: Part 3

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Version Superseded: 01/04/2009

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Status:

Point in time view as at 10/07/2003.

Changes to legislation:

Finance Act 2003, Part 3 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

Part 3 U.K.Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002

IntroductoryU.K.

11U.K.Part 2 of Schedule 12 to the Finance Act 2002 (c. 23) (entitlement to relief for R&D expenditure: work sub-contracted to small or medium-sized enterprise) is amended in accordance with the following provisions of this Part of this Schedule.

Required minimum aggregate expenditure: reduction from £25,000 to £10,000U.K.

12(1)Paragraph 7 (entitlement to relief under Part 2 of the Schedule) is amended as follows.U.K.

(2)In sub-paragraph (1)(b) (requirement for minimum R&D expenditure of £25,000 or time apportioned part of that amount) in sub-paragraphs (i) and (ii) for “£25,000” substitute “ £10,000 ”.

Required minimum aggregate expenditure: inclusion of new class of expenditureU.K.

13(1)Paragraph 7 is also amended as follows.U.K.

(2)In sub-paragraph (2) (meaning of “aggregate R&D expenditure”) omit the word “and” immediately preceding paragraph (b) and at the end of that paragraph add , and

(c)its qualifying additional SME expenditure (see paragraph 10B)..

R&D directly undertaken by SME: qualifying expenditure on externally provided workersU.K.

14U.K.In paragraph 9 (expenditure on research and development directly undertaken by SME) for sub-paragraph (2) (the second condition, that the expenditure must be incurred on staffing costs or consumable stores) substitute—

(2)The second condition is that the expenditure—

(a)is incurred on staffing costs,

(b)is incurred on consumable stores, or

(c)is qualifying expenditure on externally provided workers..

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