SCHEDULES

Valid from 10/07/2003

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

Required minimum aggregate expenditure: reduction from £25,000 to £10,000 U.K.

2 (1) Paragraph 1 (entitlement to R&D tax relief) is amended as follows. U.K.

(2) In sub-paragraph (1)(b) (requirement for minimum aggregate expenditure of £25,000 or time apportioned part of that amount) in sub-paragraphs (i) and (ii) for “£25,000” substitute “ £10,000 ”.