Corporation Tax Act 2010 (c. 4)

[F1 PART 8B U.K. Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1 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

CHAPTER 10 U.K. Remediation of contaminated or derelict land

Tax credit under section 1151 of CTA 2009 U.K.

357QC Tax credit: amount of tax credit U.K.

(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).]