Income Tax (Earnings and Pensions) Act 2003 section 457

Meaning of "research institution"

Section 457 defines the term "research institution" for the purposes of the rules on shares in research institution spin-out companies.

• A research institution includes any university or institution receiving public funding such as grants, loans or financial support under various UK education legislation covering England, Wales, Scotland and Northern Ireland.
• It also covers institutions maintained by local authorities for further and higher education purposes, as well as specific named institutions such as Queen's University Belfast and the University of Ulster.
• Any institution that carries out research on a not-for-profit basis qualifies, provided it is neither controlled nor wholly or mainly funded by a person who carries on activities for profit.
• The Treasury has the power to amend the definition by order, either to add or remove specific institutions or categories of institution.