SCHEDULES

SCHEDULE 12Tax relief for expenditure on research and development

Part 1Entitlement to relief for R&D expenditure: large companies

2Meaning of “large company" and “small or medium-sized enterprise"

1

For the purposes of this Schedule—

a

“large company” means a company that does not qualify as a small or medium-sized enterprise; and

b

“small or medium-sized enterprise” means a small or medium-sized enterprise as defined in Commission Recommendation 96/280/EC of 3rd April 1996.

2

The Treasury may by order amend sub-paragraph (1)(b) so as to substitute another definition of “small or medium-sized enterprise" for the definition that is for the time being effective for the purposes of this Schedule.