Corporation Tax Act 2010 section 357M

Introductory

Section 357M introduces the rules for splitting trading profits and losses into Northern Ireland and mainstream categories for companies that qualify as Northern Ireland companies under the SME (Northern Ireland employer) condition.

• This chapter applies to companies that qualify as Northern Ireland companies because they meet the SME (Northern Ireland employer) condition
• Trading profits or losses for an accounting period may be classified as Northern Ireland profits or losses, mainstream profits or losses, or a combination of both
• The main rules for splitting profits and losses between Northern Ireland and mainstream are set out in section 357MA, with further provisions in Chapters 8 to 15 and the Capital Allowances Act 2001
• The definitions and rules in this chapter apply throughout the Northern Ireland rate provisions in Part 8B of the Act