Section 1042 | “Relevant research and development”

(1)In this Part “relevant research and development”, in relation to a company, means research and development—

(a)related to a trade carried on by the company, or

(b)from which it is intended that a trade to be carried on by the company will be derived.

(2)Research and development related to a trade carried on by a company includes—

(a)research and development which may lead to or facilitate an extension of the trade, and

(b)research and development of a medical nature which has a special relation to the welfare of workers employed in the trade.

(3)Repealed