Section 30 Research and development intensity condition: transitional provision

In paragraph 21 of Schedule 1 to FA 2024 (higher rate of payable credit for R&D-intensive SMEs between 1 April 2023 and 1 April 2024), for sub-paragraph (4) substitute—

“(4)

But that section is to be read for the purposes of sub-paragraph (3) as if—

(a)

in subsections (2) and (3), for “30%” there were substituted “40%”;

(b)

in subsection (7), for paragraph (b) there were substituted—

“(b)

it is expenditure in respect of which the company is entitled to relief under this Chapter or Chapter 6A of Part 3 for the period.””

The amendment made by this section is to be treated as always having had effect.