Section 357VB — Corporation Tax Act 2010: Relevant Northern Ireland IP profits: SMEs that are Northern Ireland employers

Relevant Northern Ireland IP profits: SMEs that are Northern Ireland employers 357VB 1 This section applies if—

a the company is a Northern Ireland company in the relevant period by virtue of the SME (Northern Ireland employer) condition in section 357KA, and b the trade is not an excluded trade.

2 The company's “relevant Northern Ireland IP profits” are its relevant IP profits of the trade for the period but—

a calculated without taking into account any amounts which are—

i treated by section 747 of CTA 2009 as receipts or expenses of the trade for the period, but ii do not under section 357OA form part of the Northern Ireland profits or Northern Ireland losses of the trade for the period, and b excluding so much of its relevant IP profits as are attributable to a qualifying IP right or an exclusive licence in respect of a qualifying IP right which (in either case) is held by the company for the purposes of an excluded activity.