[331A Meaning of “knowledge-intensive company”]
Income Tax Act 2007 (2007 c 3) | Legislation

[331A  Meaning of “knowledge-intensive company”]

[(1)     For the purposes of this Part, the relevant company is a “knowledge-intensive company” at the applicable time if the company meets—

(a)     one or both of the operating costs conditions (see subsections (3) and (4)), and

(b)     one or both of—

(i)     the innovation condition (see subsection (6)), and

(ii)     the skilled employee condition (see subsection (9)).

(2)     “The applicable time” means—

(a)     in relation to references to a knowledge-intensive company in section 280B or 280C, the date the current investment (within the meaning of the section in question) is made, and

(b)     in relation to any other reference to a knowledge-intensive company, the date the relevant holding is issued.

(3)     The first operating costs condition is that in at least one of the relevant three preceding years at least 15% of the relevant operating costs constituted expenditure on research and development or innovation.

(4)     The second operating costs condition is that in each of the relevant three preceding years at least 10% of the relevant operating costs constituted such expenditure.

(5)     In subsections (3) and (4)—

“relevant operating costs” means—

(a)     if the relevant company is a single company at the

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