Consequential amendments to legislation5
1
In the Finance Act 20025 amend Schedule 12 (tax relief for expenditure on research and development) as follows.
2
In paragraph 4(6)(b)—
a
after “trade, profession or vocation” insert “(i)”, and
b
after “Schedule D” insert—
, or
ii
which is carried on wholly or partly in the United Kingdom and the profits of which are chargeable to tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005
3
In paragraph 5(6)(b)—
a
after “trade, profession or vocation” insert “(i)”, and
b
after “Schedule D” insert—
, or
ii
which is carried on wholly or partly in the United Kingdom and the profits of which are chargeable to tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005
4
In paragraph 8(a) after “Schedule D” insert—
, or
iii
by any person otherwise than in the course of carrying on wholly or partly in the United Kingdom a trade, profession or vocation the profits of which are chargeable to tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005