SCHEDULES
SCHEDULE 3Relief for expenditure on R&D
7Removal of R&D threshold
1
Chapter 7 (relief for SMEs and large companies: vaccine research etc) is amended as follows.
2
In section 1085 (overview of Chapter), in subsection (5), omit paragraph (c).
3
In section 1087 (deduction in calculating profits of trade)—
a
in subsection (1), omit “, B”, and
b
omit subsection (3).
4
In section 1092 (SMEs: deemed trading loss for pre-trading expenditure), omit subsection (3).
5
Omit section 1097 (R&D threshold).