Finance Act 2006

Valid from 19/07/2006

2 (1) Schedule 12 to FA 2002 (tax relief for expenditure on research and development: large companies etc) is amended as follows. U.K.

(2) In paragraph 4 (qualifying expenditure on direct research and development), in sub-paragraph (3)—

(a) omit the word “or” at the end of paragraph (b);

(b) after that paragraph insert—

“(ba) is incurred on relevant payments to the subjects of a clinical trial, or”.

(3) In paragraph 9 (expenditure on research and development directly undertaken by the SME), in sub-paragraph (2)—

(a) omit the word “or” at the end of paragraph (b);

(b) after that paragraph insert—

“(ba) is incurred on relevant payments to the subjects of a clinical trial, or”.

(4) In paragraph 17 (which applies certain definitions from Schedule 20 to FA 2000)—

(a) in the heading, after “ “software or consumable items”” insert “ , “relevant payments to the subjects of a clinical trial” ”;

(b) omit the word “and” at the end of paragraph (c);

(c) after that paragraph insert—

“(ca) paragraph 6A (relevant payments to subjects of clinical trials); and”.