
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThis
Part
only
Changes over time for:
Part 3


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2009
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Point in time view as at 10/07/2003.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.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
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.”.
Yn ôl i’r brig