Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 12 U.K. Tax relief for expenditure on research and development

Modifications etc. (not altering text)

C1 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

[F1 Part 2A U.K. Entitlement of SME to additional relief available to large companies

Textual Amendments

F1 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

Qualifying additional SME expenditure U.K.

10B U.K. For the purposes of this Schedule, the SME’s “qualifying additional SME expenditure” is any expenditure which—

(a) had the SME been a large company throughout the accounting period in question, would have been qualifying R&D expenditure of that company (see paragraph 3), but

(b) is not qualifying R&D expenditure for the purposes of Schedule 20 to the Finance Act 2000 (see paragraph 3 of that Schedule) in the case of the SME by reason only of paragraph 3(7) or 10(2)(a)(iv) of that Schedule (subsidised expenditure, within the meaning given by paragraph 8 of that Schedule); and

(c) is not qualifying sub-contracted R&D expenditure for the purposes of this Schedule (see paragraph 8) in the case of the SME.]