InterpretationU.K.
1041“Research and development”U.K.
In this Part “research and development” has the meaning given by [F1section 1138 of CTA 2010].
Textual Amendments
F1Words in s. 1041 substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 666 (with Sch. 2)
1042“Relevant research and development”U.K.
(1)In this Part “relevant research and development”, in relation to a company, means research and development—
(a)related to a trade carried on by the company, or
(b)from which it is intended that a trade to be carried on by the company will be derived.
(2)Research and development related to a trade carried on by a company includes—
(a)research and development which may lead to or facilitate an extension of the trade, and
(b)research and development of a medical nature which has a special relation to the welfare of workers employed in the trade.
(3)But any reference to “relevant research and development” which applies for the purposes of Chapter 7 (relief for F2... large companies: vaccine research etc) is to be read as if subsection (2)(b) were omitted.
Textual Amendments
F2Words in s. 1042(3) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 17