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Income Tax (Earnings and Pensions) Act 2003
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- UK Public General Acts
- 2003 c. 1
- SCHEDULE 5
- Part 3
- Paragraph 15
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Meaning of “qualifying trade”
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15(1)A trade is a qualifying trade if—
(a)it is carried on wholly or mainly in the United Kingdom,
(b)it is conducted on a commercial basis and with a view to the realisation of profits, and
(c)it does not consist (either wholly or as to a substantial part) in the carrying on of excluded activities.
(2)The carrying on of activities of research and development from which it is intended that a connected qualifying trade will be derived or benefit counts as the carrying on of a qualifying trade.
(3)But preparing to carry on such activities does not count as preparing to carry on a qualifying trade.
(4)In sub-paragraph (2) “connected qualifying trade” means a qualifying trade carried on—
(a)by the company carrying on the activities of research and development, or
(b)if that company is a member of a group, by any other member of the group.
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