F1PART 8BTrading profits taxable at the Northern Ireland rate
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).
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