F1PART 8BTrading profits taxable at the Northern Ireland rate
CHAPTER 8Intangible fixed assets
Northern Ireland intangibles credits and Northern Ireland intangibles debits
357OBNorthern Ireland intangibles credits and debits: SMEs
1
This section applies to a company that—
a
is a Northern Ireland company in an accounting period by virtue of the SME condition in section 357KA, and
b
carries on a trade which is a qualifying trade by virtue of section 357KB(1) (trade other than excluded trade).
2
If the company does not carry on an excluded activity—
a
the Northern Ireland intangibles credits for the accounting period are—
i
the credits treated by section 747(2) of CTA 2009 as receipts of the qualifying trade for the period, except credits in respect of pre-commencement assets and realisation credits, and
ii
the Northern Ireland element of each realisation credit for the period, and
b
the Northern Ireland intangibles debits for the accounting period are—
i
the debits treated by section 747(3) of CTA 2009 as expenses of the qualifying trade for the period, except debits in respect of pre-commencement assets and realisation debits, and
ii
the Northern Ireland element of each realisation debit for the period.
3
If the company carries on an excluded activity, the Northern Ireland intangibles credits for the accounting period are—
a
the credits treated by section 747(2) of CTA 2009 as receipts of the qualifying trade for the period, to the extent that—
i
they are neither credits in respect of pre-commencement assets nor realisation credits, and
ii
they are not attributable to assets held for the purposes of the excluded activity, and
b
the Northern Ireland element of each realisation credit for the period.
4
If the company carries on an excluded activity, the Northern Ireland intangibles debits for the accounting period are—
a
the debits treated by section 747(3) of CTA 2009 as expenses of the qualifying trade for the period, to the extent that—
i
they are neither debits in respect of pre-commencement assets nor realisation debits, and
ii
they are not attributable to assets held for the purposes of the excluded activity, and
b
the Northern Ireland element of each realisation debit for the period.
5
For the meaning of “pre-commencement asset”, see section 357OH.
6
For the meaning of a “realisation credit” and “realisation debit” and of the “Northern Ireland element” of either, see sections 357OD and 357OE.
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