Finance Act 2008

Rates of vaccine research relief

3 (1) Schedule 13 to FA 2002 (vaccine research relief) is amended as follows.

(2) In each of the following provisions, for “50%” substitute “40%”—

(a) paragraph 14(2) (deduction in computing profits of trade: small and medium-sized companies),

(b) paragraph 15(2)(a) (alternative treatment of pre-trading expenditure: deemed trading loss),

(c) paragraph 15A(2) (modifications for larger SMEs claiming R&D tax credits),

(d) paragraph 21(2) (deduction in computing profits of trade: large companies), and

(e) paragraph 25(4)(a)(i) and (b)(i) (refunds of contributions to independent research and development).

(3) In each of the following provisions, for “150%” substitute “140%”—

(a) paragraph 15(2)(b) (alternative treatment of pre-trading expenditure: deemed trading loss),

(b) paragraph 16A(1) (entitlement to tax credit: modifications for larger SMEs),

(c) paragraph 21(3) (deduction in computing profits of trade: large companies), and

(d) paragraph 25(4)(a)(ii) and (b)(ii) (refunds of contributions to independent research and development).

(4) The amendments made by this paragraph have effect in relation to expenditure incurred on or after such day as the Treasury may by order appoint.

(5) The Treasury may appoint a day before the day on which this Act is passed, but not one before 1 April 2008.