SCHEDULES
SCHEDULE 3Relief for expenditure on R&D
21Abolition of vaccine research relief for SMEs
1
Section 1085 (overview of Chapter) is amended as follows.
2
In subsection (1), for the words from “companies” to “companies)” substitute “large companies”.
3
For subsection (3) substitute—
3
The relief available is a deduction under section 1087 (the amount of which is determined under section 1091).
4
Omit subsection (4).
5
For subsection (5) substitute—
5
Sections 1098 to 1102 contain provision about when a company’s expenditure is “qualifying Chapter 7 expenditure” for the purposes of obtaining relief and when such expenditure is “for” an accounting period.
6
Omit subsection (6).
7
In subsection (7), omit “or R&D tax credits”.