Section 47 Abolition of vaccine research relief

(1)

CTA 2009 is amended in accordance with subsections (2) to (9).

(2)

Omit Chapter 7 of Part 13 (vaccine research relief).

(3)

In section 1039 (overview of Part 13) omit—

(a)

subsection (6), and

(b)

in subsection (8) “or 7”.

(4)

In section 1042 (meaning of “relevant research and development”) omit subsection (3).

(5)

In section 1113 (cap on aid under Chapters 2 and 7)—

(a)

in the heading omit “or 7”, and

(b)

in subsection (4) omit—

(i)

the “or” at the end of paragraph (a), and

(ii)

paragraph (b).

(6)

In section 1118(2) (meaning of “qualifying expenditure”) omit—

(a)

the “or” at the end of paragraph (a), and

(b)

paragraph (b).

(7)

In section 1133(3) (sub-contractor payments) omit “and section 1102(2).”

(8)

In section 1137(1)(b) (accounting periods) omit “or qualifying Chapter 7 expenditure”.

(9)

In Schedule 4 (index of defined expressions) omit the entries for—

(a)

qualifying Chapter 7 expenditure (in Part 13), and

(b)

qualifying R&D activity (in Chapter 7 of Part 13).

(10)

CTA 2010 is amended in accordance with subsections (11) to (13).

(11)

In section 357P (research and development expenditure: introduction and interpretation)—

(a)

in subsection (1) omit—

(i)

the “and” at the end of paragraph (b), and

(ii)

paragraph (c), and

(b)

omit subsection (2)(d) and (e).

(12)

Omit section 357PF (additional deduction under section 1087 CTA 2009).

(13)

In Schedule 4 (index of defined expressions) omit the entries for—

(a)

Northern Ireland qualifying Chapter 7 expenditure (in Chapter 9 of Part 8B), and

(b)

qualifying Chapter 7 expenditure (in Chapter 9 of Part 8B).

(14)

In consequence of the amendments made by subsections (1) to (13)—

(a)

in Schedule 3 to FA 2012 omit paragraphs 7, 12 to 14, 16(2), 17, 20 to 30, and 31(2), and

(b)

in FA 2015 omit section 28(4)(o) and (p).

(15)

The amendments made by this section have effect in relation to expenditure incurred on or after 1 April 2017.