# The Scientific Research Organisations Regulations 2007, Regulation 8: Gross income of an accounting period


(1) For the purposes of regulation 7, the gross income of an accounting period shall be determined in accordance with generally accepted accounting practice but subject to paragraphs (2) to (4).
(2) The amount of the gross income of an accounting period is the amount of—
(a) the revenue of the period, and
(b) subject to paragraph (4), any chargeable gains arising to the Association in the period.
(3) For the purposes of paragraph (2) the revenue of the period includes in particular—
(a) gross investment income;
(b) interest;
(c) dividends;
(d) royalties;
(e) grants of funding for the undertaking of research and development;
(f) grants from public funds;
(g) any payment of a sum of money received by the Association which, if the Association were a charity, would be a qualifying donation received by it within the meaning of—
(i) section 339 (charges on income: donations to charity), or
(ii) section 25 of the Finance Act 1990 (donations to charity by individuals), and
(h) any other amounts received by the Association which, if the Association were a charity, would be treated for the purposes of the Tax Acts in relation to the Association as a donation to it.
(4) Where in an accounting period an Association sells or otherwise disposes of real property to a 100% subsidiary company of the Association any chargeable gain arising to the Association on the sale or disposal of the real property shall not be included in the determination of the gross income of the accounting period.
(5) In paragraph (1) “generally accepted accounting practice” has the meaning it has in section 50(1) of the Finance Act 2004.

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Source: https://www.legislation.gov.uk/uksi/2007/3426/regulation/8 (the official version)
Page: https://openlegislation.uk/scientific-research-organisations-regulations-2007/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.