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Finance Act 2012
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- UK Public General Acts
- 2012 c. 14
- SCHEDULE 3
- Paragraph 3
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Removal of R&D threshold
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3(1)Chapter 2 (relief for SMEs: cost of R&D incurred by SME) is amended as follows.
(2)In section 1043 (overview of Chapter), in subsection (3), omit paragraph (e) (but not the “and” after it).
(3)In section 1044 (additional deduction in calculating profits of trade), omit subsection (3).
(4)In section 1045 (alternative treatment for pre-trading expenditure: deemed trading loss)—
(a)in subsection (1), omit “, B”, and
(b)omit subsection (3).
(5)Omit section 1050 (R&D threshold).
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