Capital Allowances Act 2001 (c. 2)

Modifications etc. (not altering text)

C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7

Part 6 U.K. Research and development allowances

Chapter 1 U.K. Introduction

437 Research and development allowances U.K.

(1) Allowances are available under this Part if a person incurs qualifying expenditure on research and development.

[F1 (2) In this Part “research and development”—

(a) means activities that fall to be treated as research and development in accordance with generally accepted accounting practice, and

(b) includes oil and gas exploration and appraisal.

(3) But—

(a) 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 Part, and

(b) 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 Part.]

Textual Amendments

F1 S. 437(2)(3) substituted for s. 437(2) (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 407 (with Sch. 2)