SCHEDULES

SCHEDULE 2U.K.Transitionals and savings

Part 15 U.K.Research and development

Rates of reliefU.K.

112(1)In relation to expenditure incurred before 1 August 2008, Part 13 has effect with the following modifications.U.K.

(2)In Chapter 2 (relief for SMEs: cost of R&D incurred by SME)—

(a)in section 1044(8), for “75%” substitute “ 50% ”,

(b)in section 1045(7), for “175%” substitute “ 150% ”,

(c)in section 1055(2)(b), for “175%” substitute “ 150% ”, and

(d)in section 1058(1)(a), for “14%” substitute “ 16% ”.

(3)In Chapter 7 (relief for SMEs and large companies: vaccine research etc)—

(a)in section 1089(2), for “40%” substitute “ 50% ”,

(b)in section 1090(2), for “40%” substitute “ 50% ”,

(c)in section 1091—

(i)in subsection (3), for “40%” substitute “ 50% ”, and

(ii)in subsection (4), for “140%” substitute “ 150% ”,

(d)in section 1092(8)—

(i)in paragraph (a), for “40%” substitute “ 50% ”, and

(ii)in paragraph (b), for “140%” substitute “ 150% ”, and

(e)in section 1104(5), for “140%” substitute “ 150% ”.