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Amendment of section 765 of Principal Act (allowances for capital expenditure on scientific research)
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31. Section 765 of the Principal Act is amended—
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(a) in subsection (1), by substituting the following paragraph for paragraph (d):
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“(d) so applies—
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(i) in the case where the expenditure was incurred while carrying on the trade, within 24 months after the end of the chargeable period in which it was incurred, or
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(ii) in the case where the expenditure was incurred before the setting up and commencement of the trade, within 24 months after the end of the chargeable period in which the trade was set up and commenced,
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and any asset representing such capital expenditure on scientific research is in use for the purposes of scientific research at the end of the chargeable period,”,
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and
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(b) in subsection (4) by inserting “or any subsequent” after “284 for that”.
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