SCHEDULES
SCHEDULE 12Tax relief for expenditure on research and development
F1Part 2AEntitlement 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.
Sch. 12 Pt. 2A inserted (with effect in accordance with s. 168(4)(d)(iii) of the amending Act) by Finance Act 2003 (c. 14), Sch. 31 para. 15