SCHEDULES
C1SCHEDULE 12Tax relief for expenditure on research and development
Annotations:
Modifications etc. (not altering text)
Part 5Supplementary provisions
16Artificially inflated claims for deduction
1
To the extent that a transaction is attributable to arrangements entered into wholly or mainly for a disqualifying purpose, it shall be disregarded in determining for an accounting period the amount of any relief to which a company is entitled under this Schedule.
2
Arrangements are entered into wholly or mainly for a “disqualifying purpose” if their main object, or one of their main objects, is to enable a company to obtain relief under this Schedule to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled.
3
In this paragraph “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.
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