Finance Act 2002

Interpretation

27 (1) In this Schedule—

• “the Inland Revenue” means any officer of the Board;

• “life assurance business” has the meaning given in section 431(2) of the Taxes Act 1988;

• “national insurance contributions” means contributions under Part 1 of the Social Security Contributions and Benefits Act 1992 (c. 4) or Part 1 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7);

• “PAYE regulations” means regulations under section 203 of the Taxes Act 1988;

• “payment period” has the meaning given in paragraph 17(2) of Schedule 20 to the Finance Act 2000 (c. 17);

• “research and development” has the meaning given by section 837A of the Taxes Act 1988;

• “surrenderable loss” has the meaning given in paragraph 16(2).

(2) Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of this Schedule.

(3) For the purposes of this Schedule a company not within the charge to corporation tax that incurs qualifying expenditure is treated as having such accounting periods as it would have—

(a) if it carried on a trade consisting of the qualifying R&D activity on which the expenditure is incurred, and

(b) if it had started to carry on that trade when it started to carry on that activity.