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Research and Development (R&D)

R&D can be basically defined for tax relief purposes as:

  • Seeking an advance in science OR technology
  • Activities undertaken which aim to achieve the advance by resolving scientific OR technological uncertainties

If a particular advance has been made but details are not publicly available, if for example it is a trade secret, then work to achieve the advance can still be an advance that qualifies as R&D for tax purposes.

It could therefore be the case that two rival companies have developed virtually the same product independently of each other but both qualify for R&D tax relief.

 

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