F1PART 8BTrading profits taxable at the Northern Ireland rate
Annotations:
Amendments (Textual)
CHAPTER 3Northern Ireland rate applied to Northern Ireland profits and losses
Loss relief in relation to Northern Ireland profits and losses: section 45
357JERestriction on deductions
1
Subsection (2) applies where—
a
relief is given under section 45 for a Northern Ireland loss (“the loss”),
b
the profits against which the relief is given include profits that are not Northern Ireland profits, and
c
at any time during the accounting period for which the relief is given (“the profit period”), the Northern Ireland rate is lower than the main rate.
2
The reference in section 45(4)(b) (amount by which profits are reduced) to “the unrelieved loss” is to the restricted deduction for the loss, as determined under section 357JJ (restricted deduction where Northern Ireland rate lower than main rate).
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