55ARefunds to R&D entities

55A Refunds to R&D entities

(1) If:

(a) a person (in this regulation called the taxpayer) has paid tax, or is liable to pay tax, on the sale value of goods in respect of an act, transaction or operation that occurred at a particular time (in this regulation called the taxing time); and

(b) another person (in this regulation called the R&D person) has, at a time (in this regulation called the sale time) that is at or after the taxing time, purchased the goods (whether or not from the taxpayer) at a price that includes the tax; and

(c) the R&D person:

(i) has entered into an agreement under section 28 or 31 of the Industry Research and Development Act 1986 in respect of a project that was being carried out at the sale time; or

(ii) has been registered by the Industry Research and Development Board under section 39F of that Act in circumstances where the registration is taken to have had effect as at the sale time; or

(iii) has been registered by the Industry Research and Development Board under section 39J of that Act, or jointly with another person or persons under section 39P of that Act, in respect of the year of income of the R&D person in which the sale time occurred; and

(d) as at the sale time, the R&D person had not entered into the agreement, or had not been so registered by the Industry Research and Development Board, as the case may be; and

(e) if:

(i) the taxpayer had sold the goods to the R&D person at the sale time; and

(ii) as at the sale time, the R&D person had entered into the agreement, or had been so registered by the Industry Research and Development Board, as the case may be;

no tax would have been payable by the taxpayer in respect of the sale; and

(f) no person is entitled to a payment or refund in respect of the tax under any Act or any other regulation;

the R&D person is entitled to be paid by the Commissioner an amount equal to the amount of the tax paid or tax payable by the taxpayer in respect of the act, transaction or operation.

(2) If:

(a) a person (in this regulation called the R&D person) has paid tax on the sale value of goods in respect of an act, transaction or operation that occurred at a particular time (in this regulation called the sale time); and

(b) the R&D person:

(i) has entered into an agreement under section 28 or 31 of the Industry Research and Development Act 1986 in respect of a project that was being carried out at the sale time; or

(ii) has been registered by the Industry Research and Development Board under section 39F of that Act in circumstances where the registration is taken to have had effect as at the sale time; or