Abolition of vaccine research relief for SMEs
This section has no associated Explanatory Notes
21(1)Section 1085 (overview of Chapter) is amended as follows.
(2)In subsection (1), for the words from “companies” to “companies)” substitute “large companies”.
(3)For subsection (3) substitute—
“(3)The relief available is a deduction under section 1087 (the amount of which is determined under section 1091).”
(4)Omit subsection (4).
(5)For subsection (5) substitute—
“(5)Sections 1098 to 1102 contain provision about when a company’s expenditure is “qualifying Chapter 7 expenditure” for the purposes of obtaining relief and when such expenditure is “for” an accounting period.”
(6)Omit subsection (6).
(7)In subsection (7), omit “or R&D tax credits”.