Part 6Research and development allowances
Chapter 1Introduction
437Research and development allowances
(1)
Allowances are available under this Part if a person incurs qualifying expenditure on research and development.
(2)
In this Part “research and development”—
(a)
has the meaning given by section 837A of ICTA (activities falling to be treated as research and development under normal accounting practice, subject to regulations), and
(b)
includes oil and gas exploration and appraisal.