Part 6 Research and development allowances
Chapter 3 Allowances and charges
441 Allowances
1
A person who incurs qualifying expenditure is entitled to an allowance in respect of that expenditure for the relevant chargeable period equal to—
a
the amount of the qualifying expenditure, or
b
if a disposal value is required to be brought into account for that period in respect of that expenditure, the amount (if any) by which that expenditure exceeds the disposal value.
2
The relevant chargeable period is—
a
the chargeable period in which the expenditure is incurred, or
b
if the expenditure was incurred before the chargeable period in which the relevant trade is set up and commenced, that chargeable period.
3
A person claiming an allowance under this section may require the allowance to be reduced to a specified amount.