Corporation Tax Act 2010 section 357UN

Orchestra tax credit: Northern Ireland supplementary deduction ignored

Section 357UN ensures that Northern Ireland supplementary deductions are excluded when calculating a company's surrenderable loss for orchestra tax credit purposes.

• When a company claims orchestra tax relief, it may be able to surrender losses in exchange for a payable tax credit.
• The amount of loss available to surrender is calculated under section 1217RH of the Corporation Tax Act 2009.
• Any Northern Ireland supplementary deduction claimed by the company in the current accounting period must be left out of this calculation.
• Any Northern Ireland supplementary deductions claimed in earlier accounting periods must also be excluded.