Section 357NF — Corporation Tax Act 2010: Allowable deductions

Allowable deductions 357NF 1 A deduction is allowed in calculating the profits attributable to the company's NI RE for any allowable expenses incurred for the purposes of the NIRE.

2 Expenses incurred for the purposes of the NI RE include executive and general administrative expenses so incurred, whether in Northern Ireland or elsewhere.

3 It does not matter whether the expenses are incurred by, or reimbursed by, the NIRE.

4 The amount of expenses to be taken into account under subsection (1) is the actual cost to the company. 5 “Allowable expenses”, means expenses of a kind in respect of which a deduction is allowed for corporation tax purposes or (in the case of a company that is not UK-resident) would be so allowed if incurred by a UK resident company.