The definition of ‘research and development’ is based broadly on generally accepted accounting practice, but subject to certain statutory provisions that can override such practice. For capital allowance purposes, CAA 2001, Sch. 1, Pt. 2 (which contains ‘defined expressions’) has since April 2007 pointed to CAA 2001, s. 437. One effect of this is that the capital allowances definition of research and development includes oil and gas exploration and appraisal (s. 437(2)(b)).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.