Corporation Tax Act 2010 section 357W

Introductory

Section 357W introduces the rules for classifying profits or losses of a trade carried on by a company as a partner in a Northern Ireland firm.

• Trade profits or losses of a company acting as a partner in a Northern Ireland firm must be categorised as Northern Ireland profits or losses, mainstream profits or losses, or a combination of both
• Northern Ireland profits or losses are subject to the Northern Ireland corporation tax rate, while mainstream profits or losses are taxed at the standard UK rate
• The classification rules apply for the purposes of the wider Northern Ireland corporation tax regime within this Part of the Act
• The term "firm" carries the same meaning as in section 1257(1) of the Corporation Tax Act 2009, which covers partnerships