Corporation Tax Act 2010 section 357WD

Northern Ireland profits etc. of firm determined under Chapter 7

Section 357WD sets out how the Northern Ireland profits or losses of a firm's trade are determined using the large company approach when a corporate partner is within the charge to corporation tax and specific conditions about the firm's Northern Ireland status are met.

• The section applies where a company that is a partner in a firm is within the charge to corporation tax on the firm's trade and either Condition A or Condition B is satisfied.
• Condition A is met if the firm qualifies as a Northern Ireland firm under either the SME (election) partnership condition or the large partnership condition.
• Condition B is met if the firm qualifies as a Northern Ireland firm under the SME (Northern Ireland employer) partnership condition, but the corporate partner itself is not an SME in any accounting period that coincides with or overlaps the firm's accounting period.
• Additional rules in Chapters 8 and 15, and in the Capital Allowances Act 2001, may also classify the firm's profits or losses as Northern Ireland or mainstream for the corporate partner.