[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

CHAPTER 15U.K.Profits arising from the exploitation of patents etc

“Relevant Northern Ireland IP profits”U.K.

357VBRelevant Northern Ireland IP profits: SMEs [F2that are Northern Ireland employers] U.K.

(1)This section applies if—

(a)the company is a Northern Ireland company in the relevant period by virtue of the [F3SME (Northern Ireland employer) condition] in section 357KA, and

(b)the trade is not an excluded trade.

(2)The company's “relevant Northern Ireland IP profits” are its relevant IP profits of the trade for the period but—

(a)calculated without taking into account any amounts which are—

(i)treated by section 747 of CTA 2009 as receipts or expenses of the trade for the period, but

(ii)do not under section 357OA form part of the Northern Ireland profits or Northern Ireland losses of the trade for the period, and

(b)excluding so much of its relevant IP profits as are attributable to a qualifying IP right or an exclusive licence in respect of a qualifying IP right which (in either case) is held by the company for the purposes of an excluded activity.]

Textual Amendments

F2Words in s. 357VB heading inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 12(2)