Related Commentary  Related CasesRelated HMRC Manuals

439(1)  In this Part “qualifying expenditure”  means capital expenditure incurred by a person on research and development directly undertaken by him or on his behalf if–

(a)he is carrying on a trade when the expenditure is incurred and the research and development relates to that trade, or

(b)after incurring the expenditure he sets up and commences a trade connected with the research and development.

439(2)  The same expenditure may not be taken into account as qualifying expenditure in relation to more than one trade.

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