SCHEDULES

SCHEDULE 3Relief for expenditure on R&D

3Removal of R&D threshold

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).