Section 1138 — Corporation Tax Act 2010: “Research and development”

“Research and development” 1138 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.