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).