Section 357UG — Corporation Tax Act 2010: Use of losses in the completion period

Use of losses in the completion period 357UG 1 Section 1217MB of CTA 2009 (use of losses in the completion period) has effect subject as follows.

2 The reference in subsection (1) of that section to a loss made in the separate theatrical trade is, in relation to a loss made in a period in which the company is a Northern Ireland company, a reference to—

a any Northern Ireland losses of the trade of the period, or b any mainstream losses of the trade of the period; and references to losses in subsections (2) and (4) of that section are to be read accordingly.

3 The references in subsection (3) of that section to a loss made in the separate theatrical trade in the completion period are, where the company is a Northern Ireland company in the period, references to—

a any Northern Ireland losses of the trade of the period, or b any mainstream losses of the trade of the period; and references to losses in subsection (4) of that section are to be read accordingly.

4 Subsection (4) of that section has effect, in relation to Northern Ireland losses, as if the reference to an additional deduction under section 1217H of CTA 2009 included a reference to a Northern Ireland supplementary deduction under this Chapter.