SCHEDULES
SCHEDULE 31Tax relief for expenditure on research and development
Part 1Small and medium-sized enterprises: Schedule 20 to Finance Act 2000
Required minimum aggregate expenditure: inclusion of new class of expenditure
3
(1)
Paragraph 1 is also amended as follows.
(2)
In sub-paragraph (1)(b) (requirement for minimum aggregate expenditure)—
(a)
for “paragraph 3) and” substitute “
paragraph 3),
”
; and
(b)
after “Finance Act 2002)” insert “
and its qualifying additional SME expenditure (as defined in paragraph 10B of that Schedule)
”
.
(3)
In sub-paragraph (3A) (meaning of “deductible” in relation to qualifying sub-contracted R&D expenditure)—
(a)
after “(1)(b)” insert
“, each of the following—
(a)
”;
(b)
after “Finance Act 2002)” insert “
, and
”
; and
(c)
after the paragraph (a) so formed, insert the following paragraph—
“(b)
a company’s qualifying additional SME expenditure (as defined in paragraph 10B of that Schedule),”.