Section 357WE Sections 357WC and 357WD: interpretationF1

United Kingdom

(1)

Section 357MA (profits or losses of trade that are Northern Ireland profits or losses etc: SMEs) as applied by section 357WC(4), and the other provisions of Chapter 6 so far as they apply for the purposes of section 357MA as so applied, have effect as if—

(a)

references to the qualifying trade were to the firm's trade;

(b)

references to the company were to the firm;

(c)

references to the accounting period were to the firm's accounting period;

(d)

the reference in section 357MA(1) to a qualifying trade by virtue of section 357KB(1) were to a qualifying partnership trade by virtue of section 357WB(1);

(e)

the reference in section 357MA(3) to a qualifying trade by virtue of section 357KB(2) were to a qualifying partnership trade by virtue of section 357WB(2).

F2(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

Section 357NA (profits or losses of trade that are Northern Ireland profits or losses etc: large companies) as applied by section 357WD(4), and the other provisions of Chapter 7 so far as they apply for the purposes of section 357NA as so applied, have effect as if—

(a)

references to the qualifying trade were to the firm's trade;

(b)

references to the company were to the firm;

(c)

references to the accounting period were to the firm's accounting period;

(d)

in section 357NA(1) the reference to a qualifying trade by virtue of section 357KB(1) were to a qualifying partnership trade by virtue of section 357WB(1),

(e)

in section 357NA(3) the reference to a qualifying trade by virtue of section 357KB(2) were to a qualifying partnership trade by virtue of section 357WB(2);

(f)

in section 357NF(5), the reference to a UK resident company were to a UK resident firm.

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: S. 357WE(2) omitted (16.11.2017) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 18