Corporation Tax Act 2010 section 357UX

Use of losses in the completion period

Section 357UX modifies the rules on using losses in the completion period of a separate exhibition trade where the company concerned is a Northern Ireland company, ensuring that losses are properly split between Northern Ireland losses and mainstream losses.

• Where a Northern Ireland company has made losses in its separate exhibition trade, those losses must be categorised as either Northern Ireland losses or mainstream losses of the trade for the relevant period
• This split between Northern Ireland losses and mainstream losses applies both to losses brought forward from earlier periods and to losses arising in the completion period itself
• All references to losses in the underlying completion period rules must be read in accordance with this Northern Ireland and mainstream distinction
• When dealing with Northern Ireland losses specifically, the rules treat a Northern Ireland supplementary deduction in the same way as the standard additional deduction available under the exhibition tax relief provisions