Corporation Tax Act 2010 section 357O

Introductory

Section 357O introduces the rules governing how amounts relating to intangible fixed assets held for trade purposes are treated as receipts or expenses of a trade carried on by a Northern Ireland company.

• This chapter deals with amounts that are treated as trading receipts or trading expenses of a Northern Ireland company in relation to intangible fixed assets held for the purposes of its trade.
• The treatment of these amounts as receipts or expenses follows the rules set out in section 747 of the Corporation Tax Act 2009, which covers intangible fixed assets held for trade purposes.
• The term "intangible fixed asset" carries the same meaning as defined in Part 8 of the Corporation Tax Act 2009 — broadly covering assets such as goodwill, intellectual property, patents, trademarks, and similar non-physical assets recognised under that regime.
• These provisions apply specifically to Northern Ireland companies and form part of the wider Northern Ireland corporation tax framework introduced by the Corporation Tax (Northern Ireland) Act 2015.