F1PART 8BTrading profits taxable at the Northern Ireland rate
CHAPTER 10Remediation of contaminated or derelict land
Tax credit under section 1151 of CTA 2009
357QCTax credit: amount of tax credit
1
Section 1154(1) of CTA 2009 (amount of tax credit) does not apply to a company in relation to a qualifying trade it carries on in an accounting period in which it is a Northern Ireland company (and the following provisions of this section apply instead).
2
The amount of the land remediation tax credit to which the company is entitled for the accounting period is, where the company—
a
has a Northern Ireland qualifying land remediation loss, but
b
does not have a mainstream qualifying land remediation loss,
the amount of the loss mentioned in paragraph (a) multiplied by the relevant percentage.
3
The amount of the land remediation tax credit to which the company is entitled for the accounting period is, where the company—
a
has a mainstream qualifying land remediation loss, but
b
does not have a Northern Ireland qualifying land remediation loss,
the amount of the loss mentioned in paragraph (a) multiplied by the percentage specified in section 1154(1) of CTA 2009.
4
The amount of the land remediation tax credit to which the company is entitled for the accounting period is, where the company has both a Northern Ireland qualifying land remediation loss and a mainstream qualifying land remediation loss, the sum of—
a
the amount of the Northern Ireland qualifying land remediation loss multiplied by the relevant percentage, and
b
the amount of the mainstream qualifying land remediation loss multiplied by the percentage specified in section 1154(1) of CTA 2009.
5
For the purposes of this section “the relevant percentage” means—
where—
A is the percentage specified in section 1154(1) of CTA 2009;
B is the percentage specified in section 1149(8) of CTA 2009;
C is the adjusted section 1152 percentage as defined by section 357QB(6).
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