Corporation Tax Act 2010 (c. 4)

[F1 PART 8B U.K. Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1 Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

CHAPTER 6 U.K. Northern Ireland profits and losses etc: SMEs [F2 that are Northern Ireland employers]

Textual Amendments

F2 Words in Pt. 8B Ch. 6 heading inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 6

357M Introductory U.K.

(1) This Chapter applies to a company that is a Northern Ireland company in an accounting period by virtue of the [F3 SME (Northern Ireland employer) condition] in section 357KA.

(2) In this Chapter—

(a) a reference to “the company” or “the accounting period” is to the company or accounting period mentioned in subsection (1);

(b) a reference to “the trade” is to any qualifying trade carried on by the company in the period.

(3) Section 357MA contains provision under which profits or losses of the trade for the accounting period are—

(a) Northern Ireland profits or losses of the trade,

(b) mainstream profits or losses of the trade, or

(c) a combination of—

(i) profits or losses within paragraph (a), and

(ii) profits or losses within paragraph (b).

(4) Further provision under which profits or losses of the trade may be Northern Ireland profits or losses of the trade, or mainstream profits or losses of the trade, is contained in—

(a) Chapters 8 to 15 of this Part, and

(b) CAA 2001 (see section 6E of that Act).

(5) This Chapter has effect for the purposes of this Part.]

Textual Amendments

F3 Words in s. 357M(1) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 7