Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 13 U.K. Tax relief for expenditure on vaccine research etc

Modifications etc. (not altering text)

C1 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

Commencement Information

I1 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))

Part 1 U.K. Entitlement to relief

Treatment of sub-contractor payment in other cases U.K.

11 Where the principal makes a sub-contractor payment and—

(a) the principal and the sub-contractor are not connected persons, and

(b) no election is made under paragraph 10 (election for connected persons treatment),

65% of the amount of the sub-contractor payment is treated as qualifying expenditure on sub-contracted research and development.

This is subject to paragraph 7 (conditions that must be satisfied by qualifying expenditure on sub-contracted R&D).