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[F1PART 8BU.K.Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

[F2CHAPTER 14AU.K.Orchestra tax relief

Textual Amendments

F2Pt. 8B Ch. 14A inserted (with effect in accordance with Sch. 8 para. 18(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 14

Orchestra tax reliefU.K.

357UMNorthern Ireland supplementary deduction: amountU.K.

(1)This section contains provision for the purposes of section 357UL(2) about the amount of the Northern Ireland supplementary deduction.

(2)If the accounting period falls within only one financial year, the amount of the Northern Ireland supplementary deduction is—

where—

A is the amount of the Northern Ireland additional deduction brought into account in the accounting period;

B is the amount of Northern Ireland losses surrendered in any claim under section 1217RG of CTA 2009 for the accounting period;

MR is the main rate for the financial year;

NIR is the Northern Ireland rate for the financial year.

(3)If the accounting period falls within more than one financial year, the amount of the Northern Ireland supplementary deduction is determined by taking the following steps.