Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 31 Tax relief for expenditure on research and development

Part 1 Small and medium-sized enterprises: Schedule 20 to Finance Act 2000

Required minimum aggregate expenditure: reduction from £25,000 to £10,000

2 (1) Paragraph 1 (entitlement to R&D tax relief) is amended as follows.

(2) In sub-paragraph (1)(b) (requirement for minimum aggregate expenditure of £25,000 or time apportioned part of that amount) in sub-paragraphs (i) and (ii) for “£25,000” substitute “£10,000”.