The following provisions have effect for the purposes of, and subject to, the provisions of the F4Corporation Tax Acts which apply this section.

“Research and development” means activities that fall to be treated as research and development in accordance with F2generally accepted accounting practice.

This is subject to F5subsections (2A) and (2B) below.

Activities that, as a result of regulations made under section 1006 of ITA 2007, are “research and development” for the purposes of that section are also “research and development” for the purposes of this section.

And activities that, as a result of any such regulations, are not “research and development” for the purposes of that section are also not “research and development” for the purposes of this section.

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unless otherwise expressly provided, “research and development" does not include oil and gas exploration and appraisal.