SCHEDULES
SCHEDULE 31Tax relief for expenditure on research and development
Part 2Large companies: Part 1 of Schedule 12 to Finance Act 2002
Introductory
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Part 1 of Schedule 12 to the Finance Act 2002 (c. 23) (entitlement to R&D relief: large companies) is amended in accordance with the following provisions of this Part of this Schedule.
Required minimum aggregate expenditure: reduction from £25,000 to £10,000
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(1)
Paragraph 1 (entitlement to relief under Part 1 of the Schedule) is amended as follows.
(2)
In sub-paragraph (1)(b) (requirement for minimum qualifying 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”.
Qualifying expenditure on externally provided workers
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In paragraph 4 (qualifying expenditure on direct research and development) for sub-paragraph (3) (the second condition, that the expenditure is incurred on staffing costs or consumable stores) substitute—
“(3)
The second condition is that the expenditure—
(a)
is incurred on staffing costs,
(b)
is incurred on consumable stores, or
(c)
is qualifying expenditure on externally provided workers.”.