Entitlement to relief under this Schedule
1
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Finance Act 2002 SCHEDULE 13 — Tax relief for expenditure on vaccine research etc
Part 1 — Entitlement to relief
Qualifying expenditure
2
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Qualifying expenditure on direct research and development
3
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Qualifying R&D activity
4
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Meaning of “relevant R&D”, “small or medium-sized enterprise”, “staffing costs”, “software or consumable items”, “relevant payments to the subjects of a clinical trial”, “subsidised” and “qualifying expenditure on externally provided workers.
5
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Qualifying expenditure on sub-contracted research and development
6
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Conditions that must be satisfied by qualifying expenditure on sub-contracted research and development
7
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Treatment of sub-contractor payment where principal and sub-contractor are connected persons
8
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Relevant expenditure of the sub-contractor
9
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Election for connected persons treatment
10
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Treatment of sub-contractor payment in other cases
11
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Qualifying expenditure on contributions to independent research and development
12
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Part 2 — Manner of giving effect to relief: small and medium-sized companies
Application of this Part
13
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Deduction in computing profits of trade
14
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Alternative treatment of pre-trading expenditure: deemed trading loss
15
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Paragraphs 14 and 15: modifications for larger SMEs claiming R&D tax credits
15A
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Entitlement to tax credit
16
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Entitlement to tax credit: modification for larger SMEs
16A
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Amount of credit
17
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Payment in respect of tax credit
18
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Relief or tax credit only available where company is a going concern
18A
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Restriction on losses carried forward
19
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Payment in respect of tax credit not income
20
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Part 3 — Manner of giving effect to relief: large companies
Deduction in computing profits of trade
21
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Part 4 — Special provision for giving relief to insurance companies
Treated as large companies
22
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Entitlement to relief in respect of “I minus E" basis
23
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Part 5 — Supplementary provisions
Artificially inflated claims for deduction or tax credit
24
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Refunds of contributions to independent research and development
25
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Funding of tax credits
26
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Interpretation
27
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Commencement and transitional provision
28
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Back to Finance Act 2002 — full text
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