Taxes Consolidation Act 1997 section 763

Interpretation (sections 764 and 765)

Section 763 defines terms used in sections 764 and 765, which deal with tax relief for scientific research expenditure, and sets out introductory rules on how those reliefs operate.

• Scientific research means activities in the fields of natural or applied science for the extension of knowledge, but specifically excludes exploring for specified minerals, petroleum exploration activities, and petroleum extraction activities.
• Expenditure on scientific research does not include expenditure on the acquisition of rights arising from such research, and the same expenditure cannot be taken into account for more than one trade.
• Scientific research expenditure does not qualify for relief to the extent that it is met directly or indirectly by State funding or by any other person.
• The section defines key petroleum and mining terms including licence, licensed area, petroleum exploration activities, petroleum extraction activities, relevant field, and specified minerals.