Corporation Tax Act 2010 section 357WG

Application of Part 8A to Northern Ireland firm

Section 357WG adapts the patent box rules (Chapter 15, concerning profits from exploiting patents) so that they work properly when applied to Northern Ireland partnerships rather than individual companies.

• When applying the patent box rules to a Northern Ireland firm, references to "a company" are generally read as references to the firm, and references to a Northern Ireland company become references to a Northern Ireland firm.
• Elections under the patent box regime are made by individual corporate partners (not the firm itself), and the patent box rules apply only so far as they relate to the corporate partner that made the election.
• References to a company's accounting period are read as references to the firm's accounting period, and references to the company's trade become references to the firm's trade.
• The qualifying conditions for SMEs and large companies are replaced by their partnership equivalents — for example, the SME (Northern Ireland employer) condition becomes the SME (Northern Ireland employer) partnership condition, and a qualifying trade becomes a qualifying partnership trade.