Clause 17

by deleting subsection (1) and substituting the following subsection:“(1) Subject to this section, where a person carrying on a trade or business has incurred expenditure under any cost-sharing agreement entered into and approved on or after 17th February 2006, in respect of research and development activities for the purposes of that trade or business (referred to in this section as the relevant trade or business), he shall, subject to such conditions as may be imposed by the Minister or such person as he may appoint, be entitled to a writing-down allowance of 100% of that expenditure in the year of assessment relating to the basis period in which that expenditure was incurred.”;

by deleting subsection (4);

by deleting the words “therefor shall, so far as it is not chargeable to tax as a revenue or income receipt, be treated for all purposes” in the 15th, 16th and 17th lines of subsection (6) and substituting the words “shall be treated”;

by deleting subsection (7) and substituting the following subsection:“(7) For the purpose of subsection (6), the amount or value of the consideration to be treated as a trading receipt shall not exceed the amount of writing-down allowance made under this section.”;

by deleting subsection (9);

by deleting the words “the event referred to in subsection (6)(d)” in subsection (11B) and substituting the words “an event referred to in subsection (6)(a), (b), (c) or (d)”; and

by inserting, immediately after subsection (11B), the following subsection:“(11C) Notwithstanding the provisions of this section, section 19C in force immediately before 17th February 2006 shall continue to apply and have effect in relation to any approved cost-sharing agreement entered into before that date in respect of research and development activities.”.