Corporation Tax Act 2010 section 357J

Introductory

Section 357J introduces the chapter that deals with how corporation tax is charged at a special Northern Ireland rate on Northern Ireland profits, and how loss relief rules are adapted to accommodate the existence of two different tax rates.

• Corporation tax is charged separately on Northern Ireland profits and mainstream profits, each potentially at a different rate.
• Northern Ireland profits are charged at the specific Northern Ireland rate of corporation tax, which may differ from the main UK rate.
• Existing loss relief rules are modified so that Northern Ireland losses and mainstream losses are dealt with appropriately under the two-rate system.
• There are restrictions on the amount of relief that can be claimed for Northern Ireland losses in certain circumstances.