PART 8B

Trading profits taxable at the Northern Ireland rate
CHAPTER 16

Northern Ireland profits and losses etc: partnerships

Application of Part 8A to Northern Ireland firm
357WG
Chapter 15 (profits arising from the exploitation of patents
etc
) has effect in relation to a Northern Ireland firm as if—
a
except in relation to the making of elections under section 357A, references to a company were to the firm,
b
references to a Northern Ireland company were to a Northern Ireland firm,
c
references to the trade were to the firm's trade,
d
the reference in section 357V(2) to an election made by the company were to an election made by a corporate partner as defined by section 357GB(1),
e
the reference in 357V(2) to Part 8A were to Part 8A so far as relating to the corporate partner which made the election,
f
references to an accounting period of a company were to an accounting period of the firm,
g
the reference in section 357VB to the
SME
(Northern Ireland employer) condition
in section 357KA were to the
SME
(Northern Ireland employer) partnership condition
in section 357WA, and
h
references in section 357VC to—
i
the
SME
(election) condition in section 357KA were to the
SME
(election) partnership condition in section 357WA;
ii
the large company condition in section 357KA were to the large partnership condition in section 357WA;
iii
a qualifying trade by virtue of section 357KB(1) were to a qualifying partnership trade by virtue of section 357WB(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
Words in s. 357WG(g) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 20(2)(a)
Words in s. 357WG(g) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 20(2)(b)
S. 357WG(h) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 20(3)