SCHEDULES
C1I1SCHEDULE 13Tax relief for expenditure on vaccine research etc
Sch. 13 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
Part 1Entitlement to relief
10Election for connected persons treatment
1
The principal and the sub-contractor may in any case jointly elect that paragraph 8 (treatment of sub-contractor payment where principal and sub-contractor are connected) shall apply to sub-contractor payments made by the principal to the sub-contractor.
2
Any such election must be made in relation to all sub-contractor payments paid under the same contract or other arrangement.
3
The election must be made by notice in writing given to the Inland Revenue.
4
The notice must be given not later than two years after the end of the company’s accounting period in which the contract or other arrangement is entered into.
5
An election under this paragraph, once made, is irrevocable.
Sch. 13 has effect in relation to expenditure incurred on or after 22.4.2003 by The Finance Act 2002, Schedule 13 (Appointed Day) Order 2003 (S.I. 2003/1472), art. 2 (with para. 28(1))