Expenditure on research and development directly undertaken by the SMEU.K.
9(1)The first condition of this paragraph is that the expenditure is incurred on research and development directly undertaken by the SME.
[F1(2)The second condition is that the expenditure—
(a)is incurred on staffing costs,
(b)is incurred on [F2software or consumable items] , or
(c)is qualifying expenditure on externally provided workers.]
(3)The third condition is that the expenditure is attributable to relevant research and development in relation to the SME.
(4)The fourth condition is that the expenditure is not of a capital nature.
Textual Amendments
F1Sch. 12 para. 9(2) substituted (with effect in accordance with s. 168(3)(b) of the amending Act) by Finance Act 2003 (c. 14), Sch. 31 para. 14
F2Words in Sch. 12 substituted (with effect in accordance with s. 141(3)-(7) of the amending Act) by Finance Act 2004 (c. 12), s. 141(2)(b); S.I. 2005/123, art. 2