A company is only entitled to R&D relief in respect of expenditure attributable to a research and development project if, or to the extent that, at that time, the total R&D aid in respect of expenditure by the company attributable to the project would not exceed 7.5 million euros.

In subsection (1)—

• “R&D relief” means any relief or tax credit under—

  1. a

     Schedule 20 to FA 2000 (tax relief for expenditure by SMEs on research and development), or

  2. b

     Schedule 13 to FA 2002 (tax relief for expenditure on vaccine research etc), and

• “total R&D aid” means the total R&D aid calculated—

  1. a

     in accordance with Part 1 of Schedule 10, and

  2. b

     as if a claim or election had been made for the R&D relief mentioned in subsection (1).

Part 2 of Schedule 10 contains amendments consequential on this section.

Subsections (1) to (4) and that Schedule come into force on such day as the Treasury may by order appoint.