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
(1)This Part is about the Northern Ireland rate of corporation tax and the application of that rate to Northern Ireland profits.
(2)Chapter 2 is about how the Northern Ireland rate is determined.
(3)Chapter 3—
(a)applies the Northern Ireland rate to Northern Ireland profits;
(b)makes provision about the operation of certain reliefs for trading losses that are given against profits.
(4)Chapters 4 and 5 define expressions used in this Part in connection with the determination of a company's Northern Ireland profits; see—
Chapter 4 for definitions of “Northern Ireland company”, “qualifying trade”, “SME” and “Northern Ireland employer”;
Chapter 5 for provision about whether a company has a Northern Ireland regional establishment (a “NIRE”).
(5)Chapters 6 and 7 contain rules for determining whether profits or losses of a trade are “Northern Ireland profits” or “Northern Ireland losses”; see—
Chapter 6 for rules applying in the case of a Northern Ireland company that is an SME [F2and is a Northern Ireland employer];
Chapter 7 for rules applying in the case of a Northern Ireland company [F3that—
is an SME that is not a Northern Ireland employer and has made the requisite election, or
is not an SME.]
(6)Chapter 8 is about the treatment of intangible fixed assets in relation to Northern Ireland companies.
(7)Chapters 9 to 15 are about the way in which various credits and reliefs work in relation to Northern Ireland companies; see—
Chapter 9 for provision about R&D expenditure credits and relief for expenditure relating to research and development;
Chapter 10 for provision about relief for expenditure relating to the remediation of contaminated or derelict land;
Chapter 11 for provision about film tax relief;
Chapter 12 for provision about television production;
Chapter 13 for provision about video games development;
Chapter 14 for provision about theatrical productions;
[F4Chapter 14A for provision about orchestra tax relief;]
[F5Chapter 14B for provision about museums and galleries exhibition tax relief;]
Chapter 15 for provision about profits arising from exploitation of patents etc.
(8)Chapter 16 contains rules for determining whether profits or losses of a trade are “Northern Ireland profits” or “Northern Ireland losses” in the case of a company that is a partner in a Northern Ireland firm.
(9)Chapter 17—
(a)defines “excluded trade” and “excluded activity” (profits of which are not Northern Ireland profits), and
(b)contains power to make provision about the meaning of “back-office activities” (profits imputed to which may be Northern Ireland profits).]
Textual Amendments
F2Words in s. 357H(5) inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 2(2)(a)
F3Words in s. 357H(5) substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 2(2)(b)
F4Words in s. 357H(7) inserted (with effect in accordance with Sch. 8 para. 18(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 13
F5Words in s. 357H(7) inserted (with effect in accordance with Sch. 6 para. 20 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 16