Schedule 12 - Tax relief for expenditure on research and development
Finance Bill
5:45 pm
Mr Roger Gale (North Thanet, Conservative)
With this it will be convenient to consider amendment No. 26, in page 194, line 35, at end insert—
'Regulatory simplification
16A. (1) In respect of any financial year any small or medium-sized enterprise may elect to forego the reliefs available to it under Schedule 20 to the Finance Act 2000 (tax relief for expenditure on research and development) and instead claim relief under this Schedule as if it were a large enterprise.
(2) Any election pursuant to this paragraph must be made in writing to the Inspector of Taxes prior to the end of the financial year in question.'.