Source: http://www.legislation.gov.uk/ukpga/2015/21/data.xht?view=snippet&wrap=true
Timestamp: 2020-02-16 18:50:12
Document Index: 776310629

Matched Legal Cases: ['ART 8', 'art 5', 'art 22', 'art 4', 'art 3', 'art 13', 'art 13', 'art 17']

1Trading profits taxable at the Northern Ireland rateU.K.
“PART 8B U.K.Trading profits taxable at the Northern Ireland rate
(4)Chapters 4 and 5 define expressions used in this Part in connection with the determination of a company's Northern Ireland profits; see—
CHAPTER 2U.K.The Northern Ireland rate
CHAPTER 3U.K.Northern Ireland rate applied to Northern Ireland profits and losses
Profits chargeable to corporation tax and ratesU.K.
Loss relief in relation to Northern Ireland profits and losses: section 37U.K.
Loss relief in relation to Northern Ireland profits and losses: section 45U.K.
Loss relief in relation to Northern Ireland profits and losses: Part 5U.K.
(b)the reference in paragraph (b) to “an amount equal to” part of the surrendering company's surrenderable amounts is, so far as that part comprises the loss, to the restricted deduction for the loss, as determined under section 357JJ.
Transfers of trade without a change of ownership: Chapter 1 of Part 22U.K.
Restricted deductionsU.K.
CHAPTER 4U.K.Basic definitions
Application of ChapterU.K.
Meaning of “Northern Ireland company”U.K.
Meaning of “qualifying trade”U.K.
Meaning of “SME”U.K.
(b)paragraph 2 (no change of status unless enterprise's change of size sustained over two consecutive periods);
Meaning of “Northern Ireland employer”U.K.
(a)that 75% or more of the working time that is spent in the United Kingdom during the period by members of the company's workforce is spent in Northern Ireland, and
(b)that 75% or more of the company's workforce expenses that are attributable to working time spent in the United Kingdom during the period by members of the company's workforce are attributable to time spent in Northern Ireland.
(2)References in this section to members of the company's workforce are to—
(4)References in this section to the working time spent by members of the company's workforce in a place are to the total time spent by those persons in that place while providing services to the company.
(5)The reference in subsection (1)(b) to “the company's workforce expenses” is, where the period is an accounting period of the company, to the total of the deductions made by the company in the period in respect of members of the workforce in calculating the profits of any trade carried on by the company.
(6)The reference in subsection (1)(b) to “the company's workforce expenses” is, where the period is not an accounting period of the company, to the total of—
(8)The Commissioners for Her Majesty's Revenue and Customs may by regulations specify descriptions of deduction that are, or are not, to be regarded for the purposes of this section as made in respect of members of a company's workforce.
CHAPTER 5U.K.Northern Ireland regional establishments
Circumstances where there is no NIREU.K.
(1)A company is not regarded as having a NIRE by reason of the fact that it carries on business in Northern Ireland through an agent of independent status acting in the ordinary course of the agent's business.
(c)a members' or managing agent at Lloyd's (section 357LI).
BrokersU.K.
(1)This section applies if a transaction is carried out on behalf of a company in the course of the company's trade by a person in Northern Ireland acting as a broker.
(2)In relation to the transaction, the broker is regarded for the purposes of section 357LA(1) as an agent of independent status acting in the ordinary course of the broker's business if (and only if) each of conditions A to D is met.
Investment managersU.K.
(1)This section applies if an investment transaction is carried out on behalf of a company in the course of the company's trade by a person in Northern Ireland acting as an investment manager.
(2)In relation to the investment transaction, the investment manager is regarded for the purposes of section 357LA(1) as an agent of independent status acting in the ordinary course of the investment manager's business if (and only if) each of conditions A to E is met (“the independent investment manager conditions”).
(5)Condition C is that, when the investment manager acts on behalf of the company in relation to the transaction, the relationship between them, having regard to its legal, financial and commercial characteristics, is a relationship between persons carrying on independent businesses dealing with each other at arm's length.
(3)The “relevant disregarded income” of the company for a qualifying period is the total of the company's income for the accounting periods comprised in the qualifying period which derives from transactions—
(a)carried out by the investment manager on the company's behalf, and
Lloyd's agentsU.K.
357LILloyd's agents
(1)This section applies if a transaction is carried out on behalf of a company in the course of the company's trade by a person in Northern Ireland acting as a members' agent or managing agent at Lloyd's.
(2)In relation to the transaction, the person is regarded for the purposes of section 357LA(1) as an agent of independent status acting in the ordinary course of the person's business if conditions A, B and C are met.
(3)Condition A is that the company is a member of Lloyd's.
(4)Condition B is that the transaction is carried out in the course of the company's underwriting business.
(5)Condition C is that the person acting on behalf of the company in relation to the transaction acts as members' agent or as managing agent of the syndicate in question.
(a)a company is a member of Lloyd's if it is a corporate member within the meaning of Chapter 5 of Part 4 of FA 1994;
(b)“members' agent” and “managing agent” are to be read in accordance with section 230 of that Act.
Case 1 The independent investment manager conditions are met in relation to the investment transaction.
Case 2 The independent investment manager conditions, other than Condition D in section 357LD(6) (the 20% rule), are met in relation to the investment transaction.
CHAPTER 6U.K.Northern Ireland profits and losses etc: SMEs
Step 1 Multiply each back-office deduction by the relevant percentage.
Step 2 Add together each amount calculated under step 1.
CHAPTER 7U.K.Northern Ireland profits and losses etc: large companies
Northern Ireland profits or losses and mainstream profits or lossesU.K.
(b)arise directly or indirectly through or from the company's NIRE, or from property or rights used by, or held by, or for, the company's NIRE, and
(c)are attributable to the company's NIRE.
(6)Sections 357NC to 357NI contain provision for determining the amount of profits or losses of a trade that are attributable to the company's NIRE.
Step 1 Multiply each Northern Ireland back-office deduction by the relevant percentage.
357NDTransactions treated as being on arm's length terms
In accordance with the separate enterprise principle, transactions between the company's NIRE and any other part of the company are treated as taking place on such terms as would have been agreed between parties dealing at arm's length.
Rules about deductions and receiptsU.K.
A deduction is allowed in calculating the profits attributable to the company's NIRE for any costs that would have been incurred on the assumptions in section 357NC(2).
This Part applies in relation to the attribution of losses to a company's NIRE as it applies to the attribution of profits.
CHAPTER 8U.K.Intangible fixed assets
Calculating Northern Ireland profits or Northern Ireland lossesU.K.
Northern Ireland intangibles credits and Northern Ireland intangibles debitsU.K.
(iii)they would in accordance with the separate enterprise principle in section 357NC be attributed to the company's NIRE, and
Realisation credits and realisation debitsU.K.
Pre-commencement assetsU.K.
Assets treated as pre-commencement assetsU.K.
(2)The acquired asset is treated for the purposes of this Chapter as a pre-commencement asset in the company's hands.
CHAPTER 9U.K.Research and development expenditure
Chapter 6A of Part 3 of CTA 2009U.K.
Chapter 2 of Part 13 of CTA 2009U.K.
Chapter 7 of Part 13 of CTA 2009U.K.
CHAPTER 10U.K.Remediation of contaminated or derelict land
Additional deduction under section 1149 of CTA 2009U.K.
Tax credit under section 1151 of CTA 2009U.K.
CHAPTER 11U.K.Film tax relief
CHAPTER 12U.K.Television production
Television tax reliefU.K.
Programme lossesU.K.
CHAPTER 13U.K.Video games development
Video games tax reliefU.K.
Video game lossesU.K.
CHAPTER 14U.K.Theatrical productions
Tax relief for theatrical productionsU.K.
Use of lossesU.K.
Provisional entitlement to reliefU.K.
CHAPTER 15U.K.Profits arising from the exploitation of patents etc
Modification of deductionU.K.
“Relevant Northern Ireland IP profits”U.K.
(3)The company's “relevant Northern Ireland profits” for the period are the appropriate proportion of the relevant IP profits.
(5)In this section the “IP-related profits” means the profits of the company's trade for the accounting period attributable to—
Relevant IP lossesU.K.
CHAPTER 16U.K.Northern Ireland profits and losses etc: partnerships
(6)A reference in this Chapter, in relation to a Northern Ireland firm, to “the firm's trade” is to the trade mentioned in subsection (1).
(2)Condition A is that a firm is a Northern Ireland firm in an accounting period (“the firm's accounting period”) by virtue of the SME partnership condition in section 357WA.
(6)Section 357WH makes further provision about the operation of Part 17 of CTA 2009 in cases in which the profits or losses of the firm's trade determined in relation to the corporate partner are Northern Ireland profits, Northern Ireland losses, mainstream profits or mainstream losses.
(a)a firm is a Northern Ireland firm in an accounting period (“the firm's accounting period”),
(b)a partner in the firm is a company (“the corporate partner”) that is within the charge to corporation tax in relation to the firm's trade, and
(2)Condition A is that the firm is not an SME in relation to the firm's accounting period.
(a)the firm is an SME in relation to the firm's accounting period, and
(a)references to the qualifying trade were to the firm's trade;
(c)references to the accounting period were to the firm's accounting period;
(1)This section applies where the profits or losses of a firm's trade that are determined under section 1259(3) or (4) of CTA 2009 in relation to a company (“company A”) are—
(2)Section 1262(1) of CTA 2009 (allocation of firm's profits or losses between partners) applies so as to allocate to company A a share of the profits or losses mentioned in subsection (1)(a) to (c).
For this purpose, in a case within subsection (1)(c), the firm's profit-sharing arrangements are treated as applying separately in relation to each of those profits or losses.
(a)where subsection (1) of that section applies so that company A's share of the profit of the trade is neither a profit nor a loss, that subsection applies so that company A is treated as having no Northern Ireland profit, no Northern Ireland loss, no mainstream profit and no mainstream loss;
(b)where subsection (2) of that section applies so that company A's share of the profit of the trade is reduced, that subsection applies so that any Northern Ireland profit, Northern Ireland loss, mainstream profit or mainstream loss of company A is reduced by the same proportion.
(a)where subsection (1) of that section applies so that company A's share of the loss of the trade is neither a profit nor a loss, that subsection applies so that company A is treated as having no Northern Ireland profit, no Northern Ireland loss, no mainstream profit and no mainstream loss;
(b)where subsection (2) of that section applies so that company A's share of the loss of the trade is reduced, that subsection applies so that any Northern Ireland profit, Northern Ireland loss, mainstream profit or mainstream loss of company A is reduced by the same proportion.
CHAPTER 17U.K.Excluded trades, excluded activities and back-office activities
Excluded tradesU.K.
3Other amendmentsU.K.
C3S. 5(4)-(6) modified (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 22(2)
C4S. 5(4)-(6) modified (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 193
C5S. 5(4)-(6) modified (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 30(3)