Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 31 U.K. Tax relief for expenditure on research and development

Part 1 U.K. Small and medium-sized enterprises: Schedule 20 to Finance Act 2000

Staffing costs: persons partly engaged directly and actively in relevant R&D U.K.

5 (1) In paragraph 5 (staffing costs) sub-paragraph (3) (person partly engaged in relevant research and development) is amended as follows. U.K.

(2) In the opening words, omit “the following rules apply”.

(3) Omit paragraphs (a) and (b) (person spending less than 20% or more than 80%of total working time on relevant research and development).

(4) In paragraph (c), omit “in any other case,”.

Commencement Information

I1 Sch. 31 para. 5 has effect as specified by The Finance Act 2003, Section 168 (Appointed Day) Order 2003 (S.I. 2003/2497), art. 2