Section 357QC — Corporation Tax Act 2010: Tax credit: amount of tax credit

Tax credit: amount of tax credit 357QC 1 Section 1154(1) of CTA 2009 (amount of tax credit) does not apply to a company in relation to a qualifying trade it carries on in an accounting period in which it is a Northern Ireland company (and the following provisions of this section apply instead).

2 The amount of the land remediation tax credit to which the company is entitled for the accounting period is, where the company—

a has a Northern Ireland qualifying land remediation loss, but b does not have a mainstream qualifying land remediation loss, the amount of the loss mentioned in paragraph (a) multiplied by the relevant percentage.

3 The amount of the land remediation tax credit to which the company is entitled for the accounting period is, where the company—

a has a mainstream qualifying land remediation loss, but b does not have a Northern Ireland qualifying land remediation loss, the amount of the loss mentioned in paragraph (a) multiplied by the percentage specified in section 1154(1) of CTA 2009.

4 The amount of the land remediation tax credit to which the company is entitled for the accounting period is, where the company has both a Northern Ireland qualifying land remediation loss and a mainstream qualifying land remediation loss, the sum of—

a the amount of the Northern Ireland qualifying land remediation loss multiplied by the relevant percentage, and b the amount of the mainstream qualifying land remediation loss multiplied by the percentage specified in section 1154(1) of CTA 2009.

5 For the purposes of this section “ the relevant percentage ” means— A × ( 100 + B C ) where— A is the percentage specified in section 1154(1) of CTA 2009; B is the percentage specified in section 1149(8) of CTA 2009; C is the adjusted section 1152 percentage as defined by section 357QB(6).