PART 8B Trading profits taxable at the Northern Ireland rate

CHAPTER 16 Northern Ireland profits and losses etc: partnerships

357WC Northern Ireland profits etc of firm determined under Chapter 6
(1) This section applies where conditions A and B are met.
(2) Condition A is that a firm is a Northern Ireland firm in an accounting period (“the firm's accounting period”) by virtue of the SME (Northern Ireland employer) partnership condition in section 357WA.
Words in s. 357WC(2) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 16
(3) Condition B is that a partner in the firm is a company (“the corporate partner”) that is—
(a) within the charge to corporation tax in relation to the firm's trade, and
(b) an SME in relation to an accounting period of the corporate partner which—
(i) is the same as the firm's accounting period, or
(ii) overlaps (to any extent) the firm's accounting period.
(4) Section 357MA (profits or losses of trade that are Northern Ireland profits or losses etc: SMEs)—
(a) applies in relation to the profits or losses of the firm's trade for the firm's accounting period that are determined under section 1259(3) or (4) of CTA 2009 in relation to the corporate partner, but
(b) so applies only for the purpose of allocating (under Part 17 of that Act) a share of those profits or losses to an accounting period within subsection (3)(b).
(5) Further provision under which profits or losses of the firm's trade may in relation to the corporate partner be Northern Ireland profits or losses of the trade or mainstream profits or losses of the trade is contained in—
(a) Chapters 8 and 15, and
(b) CAA 2001 (see section 6E of that Act).
(6) Section 357WH makes further provision about the operation of Part 17 of CTA 2009 in cases in which the profits or losses of the firm's trade determined in relation to the corporate partner are Northern Ireland profits, Northern Ireland losses, mainstream profits or mainstream losses.
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