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

Qualifying expenditure on contributions to independent research and development U.K.

12 (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.