- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)For the purposes of this Part a body qualifies as a scientific research association for an accounting period if—
(a)it is an association (see subsection (5)(a)), and
(b)it meets conditions A and B with respect to the accounting period.
(2)Condition A is that the body has as its object the undertaking of research and development which may lead to or facilitate an extension of any class or classes of trade.
(3)Condition B is that the memorandum of association or other similar instrument regulating the body’s functions precludes the direct or indirect payment or transfer to any of its members of any of its income or property by way of dividend, gift, division, bonus or otherwise by way of profit.
(4)For the purposes of compliance with condition B it is not necessary that the memorandum of association or other similar instrument regulating the body’s functions should prevent the payment to its members of—
(a)reasonable remuneration for goods, labour or power supplied, or for services provided,
(b)reasonable interest for money lent, or
(c)reasonable rent for premises.
(5)The Treasury may by regulations—
(a)make provision specifying what is to be treated as being, or as not being, an association for the purposes of subsection (1)(a), or
(b)prescribe circumstances in which a body is to be treated as not meeting condition A or B with respect to an accounting period.
(6)The Treasury may by regulations make provision specifying for the purposes of condition A—
(a)circumstances in which a body is to be treated as having, or as not having, the undertaking of research and development as its object,
(b)circumstances in which the undertaking of research and development is to be treated as being, or as not being, capable of leading to or facilitating an extension of a class of trade, or
(c)what is to be treated as being, or as not being, a class of trade.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: