Expenditure on vaccine research etc: entitlement to relief in respect of “I minus E” basis
This section has no associated Explanatory Memorandum
65.—(1) In Schedule 13 to the Finance Act 2002 paragraph 23 is amended as follows.
(2) For sub-paragraph (2) (application of Part 3 to treat amounts as disbursed as expenses of management) substitute—
“(2) The provisions of Part 3 which allow a deduction in calculating the profits of a trade apply in relation to the company to treat amounts as expenses payable falling to be brought into account at Step 3 in section 76(7) of the Taxes Act 1988.”.