Corporation Tax Act 2010 section 357SG

Use of losses in later periods

Section 357SG explains how losses from a separate programme trade are to be understood for Northern Ireland companies when those losses are carried forward and used in later periods under section 1216DB of CTA 2009.

• Where a Northern Ireland company makes a loss in its separate programme trade, that loss is split into Northern Ireland losses and mainstream losses for the relevant trade period.
• This split treatment applies both to losses arising in the original loss-making period and to losses arising in any relevant later period.
• All references to losses throughout the various subsections of section 1216DB of CTA 2009 must be read as referring separately to Northern Ireland losses and mainstream losses.
• When dealing with Northern Ireland losses, any reference to an additional deduction under Chapter 3 of Part 15A of CTA 2009 is extended to include a Northern Ireland supplementary deduction.