Finance (No. 2) Act 2017

Amendments of CTA 2010

17 (1) Section 357WD (Northern Ireland profits etc of firm determined under Chapter 7) is amended as follows.

(2) For subsections (1) to (3) substitute—

“(1) This section applies where—

(a) a company (“the corporate partner”) is a partner in a firm at any time during an accounting period of the firm (“the firm’s accounting period”) and is within the charge to corporation tax in relation to the firm’s trade, and

(b) condition A or B is met.

(2) Condition A is that the firm is a Northern Ireland firm in the firm’s accounting period by virtue of the SME (election) partnership condition or the large partnership condition in section 357WA.

(3) Condition B is that—

(a) the firm is a Northern Ireland firm in the firm’s accounting period by virtue of the SME (Northern Ireland employer) partnership condition in section 357WA, and

(b) the corporate partner is not an SME in relation to an accounting period of the corporate partner which is the same as, or overlaps (to any extent), the firm’s accounting period.”

(3) In subsection (4), after “losses etc:” insert “SMEs that are not Northern Ireland employers and”.