SCHEDULES
SCHEDULE 31Tax relief for expenditure on research and development
Part 3Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002
Required minimum aggregate expenditure: reduction from £25,000 to £10,000
12
1
Paragraph 7 (entitlement to relief under Part 2 of the Schedule) is amended as follows.
2
In sub-paragraph (1)(b)
(requirement for minimum R&D expenditure of £25,000 or time apportioned part of that amount) in sub-paragraphs (i) and (ii) for “£25,000” substitute “
£10,000
”
.