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Finance Act 2002

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Changes over time for: Paragraph 25

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Version Superseded: 21/07/2008

Status:

Point in time view as at 19/07/2007. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2002, Paragraph 25. Help about Changes to Legislation

Refunds of contributions to independent research and developmentU.K.

25(1)This paragraph applies where a company receives a payment refunding the whole or any part of—

(a)any qualifying expenditure on sub-contracted research and development to which paragraph 6(3) applies (research sub-contracted to charities, universities and scientific research organisations), or

(b)any qualifying expenditure on contributions to independent research and development (see paragraph 12),

in respect of which it obtains relief under this Schedule.

(2)The appropriate amount shall be treated as income of the company chargeable to tax under Case I of Schedule D for the accounting period in which the payment is made.

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)For this purpose “the appropriate amount” means—

(a)where the company qualifies as a small or medium-sized enterprise in the accounting period in which it obtains the relief—

(i)if it is entitled to relief under Schedule 20 to the Finance Act 2000 (c. 17) in respect of the qualifying expenditure refunded, 50% of the payment, and

(ii)in any other case, 150% of the payment; and

(b)where the company does not so qualify—

(i)if the relief falls within paragraph 21(2) (relief for qualifying expenditure deductible in computing profits for tax purposes), 50% of the payment, and

(ii)in any other case, 150% of the payment.

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