Corporation Tax Act 2010 section 357WF

Application of section 747 of CTA 2009 to Northern Ireland firm

Section 357WF adapts the intangible fixed assets rules in Chapter 8 so that they apply properly to Northern Ireland partnerships, by substituting partnership-specific terminology for the standard company-based terminology used throughout the chapter.

• All references to "company", "qualifying trade", and "Northern Ireland company" are replaced with "firm", "qualifying partnership trade", and "Northern Ireland firm" respectively when dealing with a Northern Ireland partnership.
• References to an "accounting period of a company" are read as references to an "accounting period of a firm".
• The SME (Northern Ireland employer) condition and the SME (election) condition are replaced by their partnership equivalents — the SME (Northern Ireland employer) partnership condition and the SME (election) partnership condition.
• The large company condition is replaced by the large partnership condition, ensuring that size-based tests are applied using partnership-appropriate criteria.