Section 357UL — Corporation Tax Act 2010: Northern Ireland supplementary deduction

Northern Ireland supplementary deduction 357UL 1 This section applies where—

a a company is entitled under section 1217RD of CTA 2009 to an additional deduction in calculating the profit or loss of the separate orchestral trade in an accounting period, b the company is a Northern Ireland company in the period, c the additional deduction is wholly or partly a Northern Ireland additional deduction, and d any of the following conditions is met—

i the company does not have a surrenderable loss in the accounting period;

ii the company has a surrenderable loss in the accounting period, but does not make a claim under section 1217RG of CTA 2009 (orchestra tax credit claimable if company has surrenderable loss) for the period; iii the company has a surrenderable loss in the accounting period and makes a claim under that section for the period, but the amount of Northern Ireland losses surrendered on the claim is less than the Northern Ireland additional deduction.

2 The company is entitled to make another deduction (“a Northern Ireland supplementary deduction”) in respect of qualifying expenditure.

3 See section 357UM for provision about the amount of the Northern Ireland supplementary deduction.

4 The Northern Ireland supplementary deduction—

a is made in calculating the profit or loss of the separate orchestral trade, and b forms part of the Northern Ireland profits or Northern Ireland losses of the separate orchestral trade.

5 In this section “ surrenderable loss ” has the meaning given by section 1217RH of CTA 2009.