F1PART 8BTrading profits taxable at the Northern Ireland rate
CHAPTER 6Northern Ireland profits and losses etc: SMEs F2that are Northern Ireland employers
Words in Pt. 8B Ch. 6 heading inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 6
357MBProfit imputed to back-office activities
1
To determine for the purposes of section 357MA(3) the back-office profits of the qualifying trade for the accounting period, take the following steps—
Step 1 Multiply each back-office deduction by the relevant percentage.
Step 2 Add together each amount calculated under step 1.
2
In subsection (1)—
“back-office deduction” means a deduction—
- a
to which the company is entitled in calculating the profits of the trade for the period, and
- b
which is in respect of back-office activities;
- a
“the relevant percentage” means 5%.
3
The Treasury may by regulations amend subsection (2) so as to substitute a different percentage for the percentage for the time being specified there.
4
Regulations under this section—
a
may make different provision for different purposes (including, in particular, different trades or different back-office activities);
b
may make incidental, supplemental, consequential and transitional provision and savings.
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