Corporation Tax Act 2010

[F1 357WD Northern Ireland profits etc of firm determined under Chapter 7 U.K.

[F2 (1) This section applies where—

(a) a company (“the corporate partner”) is a partner in a firm at any time during an accounting period of the firm (“the firm's accounting period”) and is within the charge to corporation tax in relation to the firm's trade, and

(b) condition A or B is met.

(2) Condition A is that the firm is a Northern Ireland firm in the firm's accounting period by virtue of the SME (election) partnership condition or the large partnership condition in section 357WA.

(3) Condition B is that—

(a) the firm is a Northern Ireland firm in the firm's accounting period by virtue of the SME (Northern Ireland employer) partnership condition in section 357WA, and

(b) the corporate partner is not an SME in relation to an accounting period of the corporate partner which is the same as, or overlaps (to any extent), the firm's accounting period.]

(4) Section 357NA (profits or losses of trade that are Northern Ireland profits or losses etc: [F3 SMEs that are not Northern Ireland employers and] large companies)—

(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) in a case in which condition B is met, 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.]

Textual Amendments

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

F2 S. 357WD(1)-(3) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 17(2)

F3 Words in s. 357WD(4) inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 17(3)