Clause 11

by deleting the words “the year of assessment 2012 or a subsequent year of assessment” in subsection (1)(e) and substituting the words “a year of assessment between the years of assessment 2012 and 2017 (both years inclusive)”;

by deleting the words “(excluding any payment made by him for the right to become a party to the cost‑sharing agreement)” in subsection (1)(e) and (f);

by deleting the word “and” at the end of subsection (1)(e);

by deleting “2025” in subsection (1)(f) and substituting “2017”;

by deleting the full‑stop at the end of paragraph (f) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(g)payments made by that person under any cost‑sharing agreement during the basis period for the year of assessment 2018 or a subsequent year of assessment in respect of any research and development, regardless of who undertakes the research and development so long as it is undertaken wholly or partly for the person or on the person’s behalf.”;

by inserting, immediately after the words “subsection (1)(e)” in subsection (3A), the words “or (g)”;

by deleting the words “or (f)” in subsection (4A) and substituting the words “, (f) or (g)”; and

by inserting, immediately after subsection (5), the following subsections:“(6) In this section —

a reference to a payment made by a person under a cost‑sharing agreement is a reference to the expenditure that is allocated to the person for the person to bear under the cost‑sharing agreement, and the time the payment for any part of the expenditure becomes payable by the person or (if no such payment is needed) the time of the allocation, is treated as the time the payment is made; and

a reference to a payment made by a person under a cost‑sharing agreement excludes any payment for the right to be a party to the cost‑sharing agreement.(7) Subsection (6) is deemed to have effect for the year of assessment 2012 and every subsequent year of assessment.”.