Commentary

B3.702 Definitions

Business tax
Business tax | Commentary

B3.702 Definitions

Business tax | Commentary

B3.702 Definitions

For the purposes of the R&D allowance, research and development means1:

  1.  

    (a)     activities which fall to be treated as research and development in accordance with generally accepted accounting practice; and

  2.  

    (b)     oil and gas exploration and appraisal (see B3.711).

This definition differs from the definition of research and development in CTA 2010, s 1138 and ITA 2007, s 10062 which applies to relief for revenue expenditure on R&D (see B2.467, Division D1.4).

Generally accepted accounting practice

Originally, normal accountancy practice meant such practice in relation to accounts of UK companies3. From 1 January 2005, the revised definition of generally accepted

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