Section 457 Meaning of “research institution”
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Amendments
Section 457 (new version) inserted by Finance Act 2005 section 20(1) from 2 December 2004.
(1) In this Chapter “research institution” means—
(a) any university or other institution that is a publicly funded institution as defined in section 41(2) of the Higher Education Act 2004, or
(b) any institution that carries out research activities otherwise than for profit and that is neither controlled nor wholly or mainly funded by a person who carries on activities for profit.
(2) The Treasury may by order amend subsection (1) to include in or exclude from the definition of “research institution” a person specified in the order or persons of a description specified in the order.
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