Corporation Tax Act 2010 section 357OP

Interpretation of Chapter

Section 357OP provides a glossary of key terms used throughout the chapter on intangible fixed assets and the Northern Ireland rate of corporation tax.

• The chapter uses several defined terms including "the commencement day", "pre-commencement asset", "realisation credit", "realisation debit" and "roll-over relief", each with meanings set out in other sections of the chapter.
• "Northern Ireland intangibles credits" are credits brought into account under the intangible fixed assets rules in Part 8 of CTA 2009 that qualify as Northern Ireland credits under the rules for SMEs or large companies.
• "Northern Ireland intangibles debits" are the equivalent debits brought into account under Part 8 of CTA 2009 that qualify as Northern Ireland debits under the rules for SMEs or large companies.
• "The Northern Ireland element" of a realisation credit or debit is a specific portion determined under rules that apportion gains or losses on disposal of intangible assets between Northern Ireland and mainstream corporation tax.