74(1)Schedule 12 (tax relief for expenditure on research and development) is amended as follows.U.K.
(2)In paragraph 13, for sub-paragraph (3) substitute—
“(3)Part 3 of this Schedule has effect in relation to any gross roll-up business of the company as if the references to the trade carried on by the company were references to that business (and sub-paragraph (2) does not apply in relation to that business).”
(3)In paragraph 15(3)—
(a)for “(profits of life assurance business chargeable to tax under Case VI of Schedule D)” substitute “ (gross roll-up business) ”,
(b)for “a part of the life assurance business” substitute “ the gross roll-up business ”, and
(c)for “that part” substitute “ the gross roll-up business ”.