F1PART 8BTrading profits taxable at the Northern Ireland rate
CHAPTER 16Northern Ireland profits and losses etc: partnerships
357WAMeaning of “Northern Ireland firm”
1
A firm is a “Northern Ireland firm” in an accounting period of the firm (“the firm's accounting period”) if—
a
the firm carries on a qualifying partnership trade in the period, and
b
the F4SME (Northern Ireland employer) partnership condition, the SME (election) partnership condition or the large partnership condition is met.
2
The “F5SME (Northern Ireland employer) partnership condition” is that the firm—
a
is an SME in relation to the firm's accounting period, and
b
is a Northern Ireland employer in relation to that period.
F22A
The “SME (election) partnership condition” is that—
a
the firm is an SME in relation to the firm's accounting period,
b
the firm is not a Northern Ireland employer in relation to that period,
c
the firm has a NIRE in that period,
d
the firm is not a disqualified firm in relation to the period, and
e
an election by the firm for the purposes of this subsection has effect in relation to that period.
3
The “large partnership condition” is that the firm—
a
is not an SME in relation to the firm's accounting period, and
b
has a NIRE in that period.
F33A
An election for the purposes of subsection (2A)—
a
must be made by notice to an officer of Revenue and Customs,
b
must specify the accounting period in relation to which it is to have effect (“the specified accounting period”),
c
must be made before the end of the period of 12 months beginning with the end of the specified accounting period, and
d
if made in accordance with paragraphs (a) to (c) has effect in relation to the specified accounting period.
4
In their application F6in relation to a firm, the provisions mentioned in subsection (5) have effect as if—
a
references to a company were to a firm, and
F7b
references to the Northern Ireland workforce conditions were to the Northern Ireland workforce partnership conditions (see section 357WBA).
5
The provisions are—
a
section 357KC (meaning of “SME”);
b
section 357KD (meaning of “Northern Ireland employer”);
F8c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d
Chapter 5 (Northern Ireland regional establishments);
e
section 1128 of CTA 2009 (meaning of “externally provided worker”).
6
A reference in this Chapter, in relation to a Northern Ireland firm, to “the firm's trade” is to the trade mentioned in subsection (1).
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