Point in time view as at 06/04/2020.
Corporation Tax Act 2010, Section 357WC is up to date with all changes known to be in force on or before 01 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(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 [F2SME (Northern Ireland employer) partnership condition] in section 357WA.
(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.]
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
F2Words in s. 357WC(2) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 16
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