Section 357QG — Corporation Tax Act 2010: Carrying forward of production losses

Carrying forward of production losses 357QG 1 If the accounting period is a pre-completion period within the meaning of section 1179BF of CTA 2009 (carrying forward of production losses in separate trade), that section applies in relation to the separate trade and that accounting period subject to the following provisions.

2 In subsection (1) of that section, the reference to a loss is to be read as a reference to—

a any Northern Ireland losses, or b any mainstream losses; and the rest of that section is to be read accordingly.

3 Subsection (4) applies if the Northern Ireland company has in the accounting period—

a both Northern Ireland losses of the separate trade and mainstream profits of that trade, or b both mainstream losses of the separate trade and Northern Ireland profits of that trade.

4 The company may, despite section 1179BF (2) of CTA 2009, claim under section 37 (relief for trade losses against total profits) for—

a relief for those Northern Ireland losses against those mainstream profits, or b relief for those mainstream losses against those Northern Ireland profits.