SCHEDULES

SCHEDULE 13 U.K.Tax relief for expenditure on vaccine research etc

Modifications etc. (not altering text)

C1 Sch. 13 modified (with effect as specified in art. 2 of the commencing S.I. of the commencing S.I.) by Finance Act 2004 (c. 12), s. 53(2)(6); S.I. 2004/3268, art. 2

Commencement Information

I1 Sch. 13 has effect in relation to expenditure incurred on or after 22.4.2003 by The Finance Act 2002, Schedule 13 (Appointed Day) Order 2003 (S.I. 2003/1472), art. 2 (with para. 28(1))

Part 2 U.K.Manner of giving effect to relief: small and medium-sized companies

Paragraphs 14 and 15: modifications for larger SMEs claiming R&D tax credits U.K.

[F1 15A(1) This paragraph applies in relation to a company for an accounting period if—

(a) the company is a larger SME in the accounting period, and

(b) it claims a tax credit under paragraph 15 of Schedule 20 to the Finance Act 2000 (R&D tax credit) for the accounting period.

(2) The appropriate deduction under paragraph 14 above is [F2 40%] of so much of the qualifying expenditure as is non-Schedule 20 expenditure (as defined by paragraph 15(7)).

(3) Paragraph 15 above has effect as if sub-paragraph (2)(a) were omitted.

(4) In this paragraph “larger SME” means a company which qualifies as a small or medium-sized enterprise by virtue of Qualification A1 in paragraph 2(1) of Schedule 20 to the Finance Act 2000.]

Textual Amendments

F1 Sch. 13 para. 15A and cross-heading inserted (with effect in accordance with s. 50(7)-(9) of the amending Act) by Finance Act 2007 (c. 11), s. 50(5); S.I. 2008/1880, art. 2

F2 Word in Sch. 13 para. 15A(2) substituted (with effect in accordance with Sch. 8 para. 3(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 8 para. 3(2)(c); S.I. 2008/1933, art. 2