SCHEDULES

SCHEDULE 3Relief for expenditure on R&D

Abolition of vaccine research relief for SMEs

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1

In section 1100 (large companies: qualifying expenditure “for” an accounting period), for subsection (1) substitute—

1

A company's qualifying Chapter 7 expenditure is “for” an accounting period if it is allowable as a deduction in calculating for corporation tax purposes the profits for the period of a trade carried on by the company.

2

Accordingly, the heading of that section becomes “ Qualifying expenditure “for” an accounting period ”.