Schedule 12 - Tax relief for expenditure on research and development

Part of Finance Bill – in a Public Bill Committee at 5:45 pm on 21st May 2002.

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Photo of Roger Gale Roger Gale Vice-Chair, Conservative Party 5:45 pm, 21st May 2002

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.'.