Capital Allowances Act 2001 section 66C

SME partnership entering NI corporation tax regime

Section 66C adapts the rules for SME companies entering the Northern Ireland corporation tax regime so that they apply equally to partnerships with corporate partners.

• The rules in section 66B for SME companies entering the Northern Ireland regime are applied to partnerships by substituting partnership-specific terminology throughout.
• References to an SME (Northern Ireland employer) company become references to a Northern Ireland Chapter 6 firm, and references to a NIRE company become references to a Northern Ireland Chapter 7 firm.
• The qualifying trade test is redirected from the company-focused provision to the equivalent partnership-focused provision in Corporation Tax Act 2010.
• The qualifying activity rule is similarly redirected from the company version to the partnership version within Capital Allowances Act 2001.