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SCHEDULES

SCHEDULE 8U.K.Rates of research and development relief and vaccine research relief

Rates of vaccine research reliefU.K.

3(1)Schedule 13 to FA 2002 (vaccine research relief) is amended as follows.U.K.

(2)In each of the following provisions, for “50%” substitute “ 40% ”

(a)paragraph 14(2) (deduction in computing profits of trade: small and medium-sized companies),

(b)paragraph 15(2)(a) (alternative treatment of pre-trading expenditure: deemed trading loss),

(c)paragraph 15A(2) (modifications for larger SMEs claiming R&D tax credits),

(d)paragraph 21(2) (deduction in computing profits of trade: large companies), and

F1(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In each of the following provisions, for “150%” substitute “ 140% ”

(a)paragraph 15(2)(b) (alternative treatment of pre-trading expenditure: deemed trading loss),

(b)paragraph 16A(1) (entitlement to tax credit: modifications for larger SMEs),

(c)paragraph 21(3) (deduction in computing profits of trade: large companies), and

F2(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)The amendments made by this paragraph have effect in relation to expenditure incurred on or after such day as the Treasury may by order appoint.

(5)The Treasury may appoint a day before the day on which this Act is passed, but not one before 1 April 2008.

Textual Amendments

F1Sch. 8 para. 3(2)(e) omitted (with effect in accordance with s. 27(10) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 27(9); S.I. 2008/1930, art. 2

F2Sch. 8 para. 3(3)(d) omitted (with effect in accordance with s. 27(10) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 27(9); S.I. 2008/1930, art. 2

Commencement Information