SCHEDULES

SCHEDULE 31Tax relief for expenditure on research and development

Part 3Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002

Required minimum aggregate expenditure: inclusion of new class of expenditure

13

(1)

Paragraph 7 is also amended as follows.

(2)

In sub-paragraph (2) (meaning of “aggregate R&D expenditure”) omit the word “and” immediately preceding paragraph (b) and at the end of that paragraph add“, and

(c)

its qualifying additional SME expenditure (see paragraph 10B).”.