The following conditions must be met if expenditure is to be qualifying expenditure (CAA 2001, s. 439):

a person must incur capital expenditure (see ¶235-100) on research and development (see ¶256-200);

the research and development must be undertaken directly by the person incurring the expenditure, or undertaken on his behalf;

if he is already carrying on a trade when the expenditure is incurred, then the research and development must relate to that trade (‘the relevant trade’); or

Want to read more?

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

No subscription?

Contact us to discuss your requirements.