Modifications etc. (not altering text)
C1 See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.
Valid from 28/07/2000
(1)Notwithstanding anything in section 74, where a person carrying on a trade—
(a)pays any sum to a scientific research association that—
(i)has as its object the undertaking of scientific research related to the class of trade to which the trade he is carrying on belongs, and
(ii)is for the time being approved for the purposes of this section by the Secretary of State, or
(b)pays any sum to be used for such scientific research as is mentioned in paragraph (a) above to any such university, college research institute or other similar institution as is for the time being approved for the purposes of this section by the Secretary of State,
the sum paid may be deducted as an expense in computing the profits of the trade for the purposes of tax.
(2)In this section “scientific research” means any activities in the fields of natural or applied science for the extension of knowledge.
(3)The reference in this section to scientific research related to a class of trade includes—
(a)scientific research which may lead to or facilitate an extension of trades of that class;
(b)scientific research of a medical nature which has a special relation to the welfare of workers employed in trades of that class.
(4)If a question arises under this section whether, or to what extent, any activities constitute or constituted scientific research, the Board shall refer the question for decision to the Secretary of State.
The decision of the Secretary of State is final.
(5)The same expenditure may not be taken into account under this section in relation to more than one trade.