Corporation Tax Act 2010 section 357RG

Use of losses in later periods

Section 357RG adapts the rules on carrying forward losses from a separate film trade so that they work correctly for Northern Ireland companies, distinguishing between Northern Ireland trade losses and mainstream trade losses.

• The general restriction on using film trade losses in later periods (in section 1210 of CTA 2009) applies to Northern Ireland film production companies, but with modifications.
• Where section 1210 refers to a "loss in the separate film trade," this is read as referring separately to Northern Ireland trade losses of the period and mainstream trade losses of the period.
• The same split between Northern Ireland trade losses and mainstream trade losses applies when section 1210 deals with losses arising in a "relevant later period."
• References in section 1210 to an "additional deduction" are extended to include a Northern Ireland supplementary deduction available under this Chapter.