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SCHEDULES

SCHEDULE 3Relief for expenditure on R&D

Removal of R&D threshold

4(1)Chapter 3 (relief for SMEs: R&D sub-contracted to SME) is amended as follows.

(2)In section 1063 (additional deduction in calculating profits of trade)—

(a)in subsection (1), omit “, B”, and

(b)omit subsection (3).

(3)Omit section 1064 (R&D threshold).