F1PART 8BTrading profits taxable at the Northern Ireland rate

Annotations:
Amendments (Textual)
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 13Video games development

Video game losses

357TFRestriction on use of losses while video game in development

1

Section 1217DA of CTA 2009 (restriction on use of losses while video game in development) has effect subject as follows.

2

The reference in subsection (1) of that section to a loss made in the separate video game trade in a pre-completion period is, if the company is a Northern Ireland company in that period, a reference to—

a

any Northern Ireland losses of the trade of the period, or

b

any mainstream losses of the trade of the period;

and references to losses in subsection (2) of that section are to be read accordingly.

3

Subsection (4) applies if a Northern Ireland company has, in a pre-completion period—

a

both Northern Ireland losses of the trade and mainstream profits of the trade, or

b

both mainstream losses of the trade and Northern Ireland profits of the trade.

4

The company may make a claim under section 37 (relief for trade losses against total profits) for relief for the losses mentioned in subsection (3)(a) or (b).

5

But relief on such a claim is available only—

a

in the case of a claim for relief for Northern Ireland losses, against mainstream profits of the trade of the same period;

b

in the case of a claim for relief for mainstream losses, against Northern Ireland profits of the trade of the same period.

6

In this section “a pre-completion period” has the same meaning as in section 1217DA of CTA 2009 (see section 1217D(2) of that Act).