Section 1042 “Relevant research and development”

United Kingdom

(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.

F1(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

F1: S. 1042(3) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(4)

F1: Words in Pt. 13 heading omitted (with effect in relation to accounting periods beginning on or after 1.4.2024) by virtue of Finance Act 2024 (c. 3), Sch. 1 paras. 3, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2