Finance Act 2003

Valid from 10/07/2003

Required minimum aggregate expenditure: inclusion of new class of expenditure U.K.

3 (1) Paragraph 1 is also amended as follows. U.K.

(2) In sub-paragraph (1)(b) (requirement for minimum aggregate expenditure)—

(a) for “paragraph 3) and” substitute “ paragraph 3), ”; and

(b) after “Finance Act 2002)” insert “ and its qualifying additional SME expenditure (as defined in paragraph 10B of that Schedule) ”.

(3) In sub-paragraph (3A) (meaning of “deductible” in relation to qualifying sub-contracted R&D expenditure)—

(a) after “(1)(b)” insert “, each of the following—

(a)  ”;

(b) after “Finance Act 2002)” insert “ , and ”; and

(c) after the paragraph (a) so formed, insert the following paragraph—

“(b) a company’s qualifying additional SME expenditure (as defined in paragraph 10B of that Schedule),”.