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 2 U.K.Manner of giving effect to relief: small and medium-sized companies

Relief or tax credit only available where company is a going concern U.K.

[F1 18A(1) A company may only make—

(a) a claim under paragraph 14,

(b) an election under paragraph 15, or

(c) a claim under paragraph 16,

at a time when it is a going concern.

(2) If a company ceases to be a going concern after making a claim for a tax credit under paragraph 16, it shall be treated as if it had not made the claim (and, accordingly, as if there had been no payment of tax credit to carry interest under section 826 of the Taxes Act 1988).

(3) Sub-paragraph (2) does not apply to the extent that the claim relates to an amount that was paid or applied before the company ceased to be a going concern.

(4) For the purposes of this paragraph, a company is a going concern if—

(a) its latest published accounts were prepared on a going concern basis, and

(b) nothing in those accounts indicates that they were only prepared on that basis because of an expectation that the company would receive relief or tax credits under this Schedule or Schedule 20 to the Finance Act 2000.

(5) Section 436(2) of the Companies Act 2006 (meaning of “publication” of documents) has effect for the purposes of this paragraph.]

Textual Amendments

F1 Sch. 13 para. 18A inserted (with effect in accordance with Sch. 9 para. 3 of the amending Act) by Finance Act 2008 (c. 9), Sch. 9 para. 2(6)