Section 357OC Northern Ireland intangibles credits and debits: SMEs that are not Northern Ireland employers and large companiesF1F3
United Kingdom
This section applies to a company that is a Northern Ireland company in an accounting period by virtue of F2the SME (election) condition or the large company condition in section 357KA.
The Northern Ireland intangibles credits for the accounting period are—
the credits treated by section 747(2) of CTA 2009 as receipts of the qualifying trade for the period, to the extent that—
they are neither credits in respect of pre-commencement assets nor realisation credits,
they are not attributable to assets held for the purposes of an excluded activity, and
they would in accordance with the separate enterprise principle in section 357NC be attributed to the company's NIRE, and
the Northern Ireland element of each realisation credit for the period.
The Northern Ireland intangibles debits for the accounting period are—
the debits treated by section 747(3) of CTA 2009 as expenses of the qualifying trade for the period, to the extent that—
they are neither debits in respect of pre-commencement assets nor realisation debits,
they are not attributable to assets held for the purposes of an excluded activity, and
they would in accordance with the separate enterprise principle in section 357NC be attributed to the company's NIRE, and
the Northern Ireland element of each realisation debit for the period.
For the meaning of “pre-commencement asset”, see section 357OH.
For the meaning of a “realisation credit” and “realisation debit” and of the “Northern Ireland element” of either, see sections 357OD and 357OE.
Annotations
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
- F2
Words in s. 357OC(1) inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 11(3)
- F3
Words in s. 357OC heading inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 11(2)