SCHEDULES

SCHEDULE 13Tax relief for expenditure on vaccine research etc

Part 1Entitlement to relief

I112Qualifying expenditure on contributions to independent research and development

1

Expenditure of a company on contributions to independent research and development is qualifying expenditure where the following conditions are satisfied.

2

The first condition is that the expenditure must be incurred on payments made to—

a

a charity (within the meaning of section 506(1) of the Taxes Act 1988),

b

a university, or

c

an Association of a description specified in section 508 of that Act (scientific research organisations),

for the purpose of funding qualifying R&D activity carried on by the body in question.

3

The second condition is that the R&D activity must be research and development related to a trade carried on by the company.