SCHEDULES
C1SCHEDULE 12Tax relief for expenditure on research and development
F1Part 2AEntitlement of SME to additional relief available to large companies
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
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 modified (with effect as specified in art. 2 of the commencing S.I. of the commencing S.I.) by Finance Act 2004 (c. 12), s. 53(2)(6); S.I. 2004/3268, art. 2