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.