Section 814 — Corporation Tax Act 2009: Research and development

Research and development 814 1 This section applies to an intangible fixed asset held by a company so far as it represents expenditure by the company on research and development.

2 Chapter 2 (credits in respect of intangible fixed assets) does not apply to the asset, except for—

a section 721 (receipts recognised as they accrue),

and b section 722 (receipts in respect of royalties so far as not dealt with under section 721).

3 Chapter 3 (debits in respect of intangible fixed assets) does not apply to the asset, except for section 732 (debit on reversal of previous accounting gain) so far as that section relates to credits previously brought into account under section 721 or 722.

4 Chapter 4 (realisation of intangible fixed assets) applies to the asset as if its cost did not include any expenditure on research and development.

5 In this section “ research and development ” has the meaning given by section 1138 of CTA 2010 and includes oil and gas exploration and appraisal.