Part 16Income Tax Acts definitions etc
Chapter 1Definitions
1006Meaning of “research and development”
1
This section has effect for the purposes of the provisions of the Income Tax Acts which apply this section.
2
“Research and development” means activities that fall to be treated as research and development in accordance with generally accepted accounting practice.
This is subject to subsection (3).
3
The Treasury may by regulations specify activities which—
a
are to be treated as being “research and development” for the purposes of this section, or
b
are to be treated as not being “research and development” for the purposes of this section.
4
The regulations may—
a
make provision by reference to guidelines issued by the Secretary of State, and
b
contain incidental, supplemental, consequential and transitional provision and savings.
5
Unless otherwise expressly provided, “research and development” does not include oil and gas exploration and appraisal.