Corporation Tax Act 2010 section 357OA

Rules affecting calculation of Northern Ireland profits or losses

Section 357OA sets out how a Northern Ireland company must allocate credits and debits arising from intangible fixed assets between its Northern Ireland profits or losses and its mainstream profits or losses.

• Where a company qualifies as a Northern Ireland company in an accounting period, credits and debits from intangible fixed assets held for trade purposes must be split between Northern Ireland and mainstream computations.
• Credits and debits classed as "Northern Ireland intangibles" form part of the company's Northern Ireland profits or losses.
• All other intangible asset credits and debits form part of the company's mainstream profits or losses, in line with the separate enterprise principle.
• The definitions of "Northern Ireland intangibles credits" and "Northern Ireland intangibles debits" are provided in sections 357OB and 357OC.