Income Tax Act 2007 section 1006

Meaning of "research and development"

Section 1006 defines what counts as "research and development" for the purposes of the Income Tax Acts and explains the Treasury's power to modify that definition by regulation.

• Research and development means activities treated as such under generally accepted accounting practice (GAAP)
• The Treasury may make regulations specifying activities that are, or are not, to be treated as research and development
• Such regulations may refer to guidelines issued by the Secretary of State and may include supplemental, consequential and transitional provisions
• Unless expressly provided otherwise, research and development does not include oil and gas exploration and appraisal