Introduction New section 1126B
14.The new section 1126B confers powers on HM Treasury to amend the attribution rules by regulation.
15.Subsection (1) allows the rules attributing expenditure on consumable items to relevant research and development to be amended by regulations. This enables HM Treasury to take into account various ways in which R&D might be undertaken and consequently the manner in which relevant expenditure on consumable items may be incurred.
16.Subsections (2), (3), (4) and (5) set out what the regulations may amend and how.
17.Sections (4) and (5) make consequential amendments to other sections in CTA 09 that refer to the definition of consumable items in section 1126 and now sections 1126A and 1126B.
18.Section (6) makes a consequential amendment to section 1310(4) to reference the regulatory powers described in paragraph 13 above.
19.Section (7) applies these provisions to expenditure incurred on or after 1 April 2015.