Expenditure incurred partly on research and development

89  Section 439(4) does not apply to expenditure incurred before 27th July 1989.

References to research and development in relation to new trades

90(1)  Where–

(a)a trade is set up and commenced in the year of assessment 1999–00, and

(b)its first period of account ends after 6th April 2001,

Part 6 of this Act has effect in relation to that year as if references to research and development were references to scientific research.

90(2)  In this paragraph “scientific research”  means any activities in the fields of natural or applied science for the extension of knowledge.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

No subscription?

Contact us to discuss your requirements.