PART 8B Trading profits taxable at the Northern Ireland rate

CHAPTER 8 Intangible fixed assets

Realisation credits and realisation debits

357OE The Northern Ireland element of a realisation credit or debit
(1) This section has effect for the purposes of this Chapter.
(2) A realisation credit or realisation debit can have a “Northern Ireland element” only if—
(a) the intangible fixed asset to which it relates has been held by the company, in an accounting period in which it was a Northern Ireland company, wholly or partly for the purposes of a qualifying trade carried on by the company, except so far as the trade consists of an excluded activity, or
(b) in the case of a realisation credit, roll-over relief was previously given in respect of an asset which was so held.
(3) The “Northern Ireland element” of a realisation credit or realisation debit is determined in accordance with section 357OF or 357OG.
(4) “Roll-over relief” means relief under Chapter 7 of Part 8 of CTA 2009 (roll-over relief in case of realisation and reinvestment).
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