Paragraph 112

(1)

In relation to expenditure incurred before 1 August 2008, Part 13 has effect with the following modifications.

(2)

In Chapter 2 (relief for SMEs: cost of R&D incurred by SME)—

(a)

in section 1044(8), for “75%” substitute “ 50% ”,

(b)

in section 1045(7), for “175%” substitute “ 150% ”,

(c)

in section 1055(2)(b), for “175%” substitute “ 150% ”, and

(d)

in section 1058(1)(a), for “14%” substitute “ 16% ”.

(3)

In Chapter 7 (relief for SMEs and large companies: vaccine research etc)—

(a)

in section 1089(2), for “40%” substitute “ 50% ”,

(b)

in section 1090(2), for “40%” substitute “ 50% ”,

(c)

in section 1091—

(i)

in subsection (3), for “40%” substitute “ 50% ”, and

(ii)

in subsection (4), for “140%” substitute “ 150% ”,

(d)

in section 1092(8)—

(i)

in paragraph (a), for “40%” substitute “ 50% ”, and

(ii)

in paragraph (b), for “140%” substitute “ 150% ”, and

(e)

in section 1104(5), for “140%” substitute “ 150% ”.