Textual Amendments
F1Pt. 13 Ch. 7 heading substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 30
(1)This Chapter provides for relief for expenditure incurred by [F2large companies] on research and development relating to vaccine or medicine research.
(2)Section 1086 defines “qualifying R&D activity” (that is, the research and development in relation to which relief under this Chapter is available).
[F3(3)The relief available is a deduction under section 1087 (the amount of which is determined under section 1091).]
F4(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(5)Sections 1098 to 1102 contain provision about when a company's expenditure is “qualifying Chapter 7 expenditure” for the purposes of obtaining relief and when such expenditure is “for” an accounting period.]
F6(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Section 1112 contains an anti-avoidance provision dealing with artificially inflated claims for relief F7... under this Chapter.
(8)See also section 1137 for provision about the accounting periods of a company which is not within the charge to corporation tax.
Textual Amendments
F2Words in s. 1085(1) substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 21(2)
F3S. 1085(3) substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 21(3)
F4S. 1085(4) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 21(4)
F5S. 1085(5) substituted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by Finance Act 2012 (c. 14), Sch. 3 para. 21(5)
F6S. 1085(6) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 21(6)
F7Words in s. 1085(7) omitted (with effect in accordance with Sch. 3 para. 38 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 3 para. 21(7)
(1)For the purposes of this Chapter “qualifying R&D activity” means research and development relating to—
(a)vaccines or medicines for the prevention or treatment of tuberculosis,
(b)vaccines or medicines for the prevention or treatment of malaria,
(c)vaccines for the prevention of infection by human immunodeficiency virus, or
(d)vaccines or medicines for the prevention of the onset, or for the treatment, of acquired immune deficiency syndrome resulting from infection by human immunodeficiency virus in prescribed clades only.
(2)For the purposes of subsection (1) “prescribed clade” means clade A, C, D or E or such other clade or clades as the Treasury may by regulations prescribe.
(3)The Treasury may make provision by regulations further defining the purposes referred to in subsection (1).
(4)In subsection (1) references to vaccines or medicines are to vaccines or medicines for use in humans.