Part 8 Research and Development Allowances
Capital Allowances Act 2001 (2001 c 2) | Legislation

Part 8 Research and Development Allowances

Expenditure incurred partly on research and development

89

Section 439(4) does not apply to expenditure incurred before 27th July 1989.

References to research and development in relation to new trades

90

(1)     Where—

(a)     a trade is set up and commenced in the year of assessment 1999–00, and

(b)     its first period of account ends after 6th April 2001,

Part 6 of this Act has effect in relation to that year as if references to research and development were references to scientific research.

(2)     In this paragraph “scientific research†means any activities in the fields of natural or applied science for the extension of knowledge.

Disposal of oil licences

91

(1)     Sub-paragraphs (2) and (3) apply where—

(a)     a person (“the transferorâ€) disposes of any interest in an oil licence to another (“the transfereeâ€) during the transitional period,

(b)     part of the value of the interest is attributable to allowable exploration expenditure incurred by the transferor, and

(c)     an election is made in accordance with this paragraph specifying an amount as the amount to be

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