Income Tax (Earnings and Pensions) Act 2003 section 458

Meaning of "involved in research"

Section 458 defines what it means for a person to be "involved in research" in relation to intellectual property transferred from a research institution, for the purposes of the rules on shares in research institution spin-out companies.

• A person is "involved in research" if they have been actively engaged for the research institution in connection with research
• The engagement can be as an employee or in any other capacity
• The research they carried out must be relevant to the intellectual property being transferred
• This definition applies where intellectual property is transferred, or is to be transferred, from one or more research institutions