Corporation Tax Act 2010 section 357N

Introductory

Section 357N introduces the rules for identifying which profits and losses of a Northern Ireland company's trade are treated as Northern Ireland profits or losses, mainstream profits or losses, or a combination of both.

• This chapter applies to companies that qualify as Northern Ireland companies under either the SME (election) condition or the large company condition in section 357KA.
• A trade's profits or losses for an accounting period may be classified as exclusively Northern Ireland, exclusively mainstream, or a mixture of both.
• The detailed rules for splitting profits and losses between Northern Ireland and mainstream categories are contained in section 357NA, Chapters 8 to 15 of Part 8B, and the Capital Allowances Act 2001.
• References throughout this chapter to "the company", "the accounting period" and "the trade" relate specifically to the qualifying Northern Ireland company, its relevant accounting period, and any qualifying trade it carries on in that period.