Section 1138 | “Research and development”

(1)This section has effect for the purposes of the provisions of the Corporation 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 subsections (3) and (4).

(3)Activities that are “research and development” for the purposes of section 1006 of ITA 2007 as a result of regulations under that section are “research and development” for the purposes of this section.

(4)Activities that are not “research and development” for the purposes of section 1006 of ITA 2007 as a result of regulations under that section are not “research and development” for the purposes of this section.

(5)Unless otherwise expressly provided, “research and development” does not include oil and gas exploration and appraisal.